Deutsche Bank Announces Restructuring

Deutsche Bank, Germany's biggest bank, said on Wednesday it planned to eliminate 1,920 jobs in Germany in the next two years, or 7 percent of its German workforce, to cut costs. The jobs to be axed are in administration, information technology services and back office operations, the bank said. The announcement marked the first major step in the bank's new strategy to focus on its retail and business activities in Germany, which it feels were neglected in recent years in favor of its prestigious investment bank in London. The job cuts will reduce the workforce in Germany from 27,330 to 25,410. A total of 2,300 jobs will be affected, but 350 new jobs will be created at subsidiaries within Germany, it said. "Through streamlining procedures in transaction processing and administration, we intend to lower costs and become faster, and to concentrate our full attention on our clients," said Jürgen Fitschen, head of the bank's German operations. Deutsche Bank said further details of its restructuring plans will be announced in February at its annual news conference.