Deutsche Cuts Headcount

Deutsche Bank - Foyer

Not good news for a Monday.

The Financial Times reports that Deutsche Bank has made a number of employees redundant within its recently formed asset and wealth management division, and plans further cuts.

According to the newspaper, the firm's asset & wealth management division, which was created after the failed sale of several asset management entities last summer, has reduced its headcount by 10% since June 2012.

This amounts to 473 employees, according to the bank’s annual report.

'This was largely attributable to the process of combining the various business lines in this one division, but also to market developments', the bank says in the report.

Most of the redundancies have affected Deutsche employees based outside Germany. However, further cuts are expected, particularly for unit staff in the bank’s home country, said the spokesman.

Hit the link below to access the complete Financial Times article:

Deutsche sheds jobs at asset manager (subscriber content)

Barclays spring-clean is only surface deep (subscriber content)

US bankers blame Europe for woes (subscriber content)



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