Deutsche Bank will slash close to 2,000 of its 27,000-strong domestic workforce, Germany's biggest bank said on Wednesday. "There will be 1,920 jobs cuts in Germany," said a spokesman for the bank. "The board and workers' council have agreed on that today."
The cuts, as expected, will be made in back-office jobs and will be carried out within the next two years. Deutsche said there would be no forced redundancies and pledged to leave retail banking in Germany untouched.
The German job cuts are part of a purge of Deutsche's global workforce of more than 65,000. Some media reports have put the final toll at up to 6,000 jobs globally although a source close to the bank said this is "a little" higher than Deutsche plans.
The bank said that it would disclose how many jobs outside its home market would go by the start of February at the latest.
In addition to the German cuts, the axe will fall on corporate and investment banking where up to 2,000 jobs are to go. Sources close to the bank also indicated that as many as 1,000 jobs could go in private wealth management.
The job cuts are part of bank chief Josef Ackermann's drive to reach his ambitious target of 25 percent pre-tax return on equity next year.
This goal, however, is being viewed with increasing scepticism by investors - for the first nine months of the year, this ratio fell to 20 percent.
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