Global downturn forces Deutsche Bank to cut 4,500 more posts

Deutsche
Bank is shedding a further 4,500 jobs in an attempt to reduce costs in the face
of an impending global recession.

The
cuts will bring the total number of redundancies at the company to 7,100,
adding to its 2,600 job losses announced earlier in the year.

Germany’s
largest bank, with 97,000 staff across the globe, will make the majority of its
cuts in the asset management and private client business sectors, with support
operations also affected.

Although
the majority of job losses will take place in Germany, Deutsche Bank has said
that some 800 positions in other countries could also be hit.

By Ross Wigham

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