City jobs at risk as Deutsche Bank plans to cut more than 7,000 roles

Bank recently appointed new CEO after sacking former British boss John Cryan

The bank employs thousands of people in London (Reuters)

Deutsche Bank will cut more than 7,000 jobs in a bid to cut costs, “significantly reshaping” its equities sales and trading business, the group said today.

The bank has not provided detail about where the jobs will be lost, however, it employs more than 8,000 people in London and said earlier this year those roles were at risk as part of plans to make cuts worldwide.

The company added that the total number of full-time positions will fall from 97,000 to “well below” 90,000.

It expects costs should not exceed €23bn (£20bn) this year and plans to reduce costs by €1bn by the end of 2019.

“We remain committed to our Corporate & Investment Bank and our international presence – we are unwavering in that. We are Europe’s alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well,” said chief executive Christian Sewing.

Mr Sewing took the position after John Cryan was sacked in April.