Deutsche Bank (DBKGn.DE) aims to cut almost a tenth of its investment banking staff, the latest lender to respond to a slowdown in financial market activity as the euro zone crisis saps client confidence, sources familiar with the plans said.
The cull of around 1,000 jobs is an about-turn for Germany’s flagship lender which in April said it saw no need for layoffs at its investment bank, one of the main profit drivers for the whole company.
A slowdown in stocks and bonds trading and fewer company takeovers in the three months to June has forced global investment banks including Credit Suisse (CSGN.VX), Goldman Sachs (GS.N) and UBS (UBSN.VX) to slash staff.
Read the full story at Reuters.
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