Uk jobs at risk as Deutsche Bank announces more cuts

Up to 2,000 jobs in the UK may be at risk following Deutsche Bank’s announcement that it is to shed another 4,500 jobs worldwide.

The bank – 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 as to where the latest cuts would fall, but the bank’s main offices outside Germany are in London and New York.

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 at cheaper locations, bringing the net workforce reduction to 5,200.

The company has had a presence in London since the early 1970s.

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