Deutsche Bank set to contract UK operations

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Deutsche Bank has announced plans cut more than 7,000 jobs globally, with its UK offices and investment banking business in London likely to be heavily affected in terms of space requirements.

The German lender, which has posted three consecutive years of losses, said one in four jobs in its equities sales and trading business would be axed.

The bank’s global headcount is expected to fall from just over 97,000 to well below 90,000 and while it has not yet provided a breakdown of which specific offices will be affected at this stage, it has confirmed that “all regions will be affected”.

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