It's getting tougher out there.
Deutsche Bank plans to cut 1,000 jobs in London next year, The Sunday Times reports, citing people it didn’t identify.
Bloomberg News reports that the cuts are part of an overhaul announced October 29, the newspaper said.
The bank plans to shrink its workforce by 9,000 people by 2018 and eliminate some 17,000 other positions by measures including closing operations around the world.
In the meantime, Bloomberg also reports that Societe Generale plans to cut 2,000 jobs, or 7% of the workforce, at its main French retail unit through 2020 as more clients switch to online services, adding pressure on the lender to revamp its branches network.
'Business performance during the four months July to October continued to be adversely impacted by economic and market uncertainty, with concerns relating to emerging markets having a pronounced impact in September', EFG said in the statement