Fears were raised over the future for staff at Deutsche Bank’s UK office today after the European banking giant said it was cutting more than 4,000 jobs.
Deutsche, which employs 8,000 staff in London, said it was reducing its total workforce by around 6,400, including 1,920 cuts in Germany already announced in December.
No breakdown was given on where the latest cuts would be, but the bank’s main offices outside Germany are in London and New York.
One report today indicated that more than 1,000 jobs could go in London.
The move is part of a major cost-cutting drive by chief executive Josef Ackermann aimed at boosting profitability.
Deutsche Bank also said it would create 1,200 jobs in cheaper locations, bringing the net workforce reduction to 5,200.
It came as it announced an 87% hike in annual net income to €2.5bn (£1.7bn), although fourth quarter earnings fell to €269m (£185m) from €436m (£301m) the previous year.
The company has had a presence in London since the early 1970s.
Its UK head office is in the City of London’s Great Winchester Street.
References: EGi News 03/02/05
