Have Job Cuts Started Early At Top Firm ?

A Deutsche Bank spokesperson said last week that 'there hasn't been any decision regarding concrete efficiency-boosting measures through job cuts'. Translators have said that this means that no decision has yet been made on how big a staff cull there is likely to be as the bank bids to boost profits by cutting costs.

Deutsche is known to be working on restructuring plans that could involve thousands of job losses. JP Morgan analyst Kian Abouhossein has said that he believes Deutsche will cut around 2,000 back office staff as the firm combines its debt and equities operations. The underperforming UK fund management business is also unlikely to be unscathed.

The strategic review, however, is not thought likely to be presented to interested parties until next year. But some worry that the departure last week of three of Deutsche's most senior research analysts is a prelude of things to come. And concerns are growing that the German bank won't wait until the strategic review is presented before it starts to axe staff.

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