Deutsche Bank cuts another 1,000 jobs in Germany as part of global cuts

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The Independent Online

Embattled German lender Deutsche Bank has announced plans to cut 1,000 jobs in Germany, as part of a restructuring plan. This brings the total of jobs being cut in the country to around 4,000.

The jobs are part of the 9,000 role reductions worldwide, which were previously announced as part of the bank strategy to make the group “more competitive”.

"We consistently implement our strategy to make the bank more efficient," said Karl von Rohr, member of Deutsche Bank's management board, in a press release on Thursday.

"We are fully aware that today's decision is a difficult change with significant personal impact for many employees. We will ensure that any staff reductions are carried out in a socially responsible manner," he added.

The most recent round of job cuts will mostly affect employees in the bank’s chief operating office, with the rest spread over several departments such as human resources, communications and corporate finance.

Deutsche Bank has struggled to reverse a slide in shares after US authorities announced in September that they wanted the firm to pay a $14bn (£10.6bn) fine to settle civil claims regarding its handling of mortgage-backed securities in 2008.

The German bank is among many financial institutions being investigated over dealings in discreditable mortgages in the run-up to the financial crisis. The US government has accused banks of misleading investors about the quality of their loans.

John Cryan, chief executive of Deutsche Bank, said the company has sought to reassure staff that the bank’s finances are strong despite waning confidence in the market that sent the lender’s shares to record lows on September 30.

The German government has denied that it is planning a rescue for the nation's biggest bank. While leaders of some of Germany’s largest firms such as Siemens and Daimler, backed the bank, saying it has their "full confidence".

According to Reuters, Berlin is pursuing discreet talks with US authorities to help Deutsche Bank secure a swift settlement and put the bank back on a firmer footing.