Deutsche to cull 1,000 jobs in its investment bank

DEUTSCHE Bank is plotting an overhaul of its corporate and investment bank that could see up to 1,000 jobs slashed, City A.M. has learned.

The cuts, which will not affect Germany, come in addition to the 500 announced last October. That number sparked surprise at the time because it was significantly less than rivals.

But with Anshu Jain due to take over as co-chief executive of the group in June and revamping the whole top management team, the investment bank is now playing catch-up on job slashing.

The cull will exclude Germany and is unlikely to fall in the US, where the bank is still hiring. Instead, the rest of Europe and Asia will bear the brunt, meaning London could see hundreds of posts go.

Insiders said that the overhaul will involve working out which divisions are not “pulling their weight”, with the possibility that whole business lines could be shut down.

A source said bankers expect the new management to bring a cultural shift from a model where some older execs “almost had tenure” to one more focused on efficiencies and returns.

A spokesman for the bank declined to comment on the strategic review but said: “We do not have a redundancy programme.”