Deutsche Bank, Germany's biggest, announced today it would cut 4,500 jobs amid falling profits and a sluggish economy.
The cuts come on top of 2,600 already announced and amount to 4.6 per cent of the bank's roughly 97,000 employees.
The announcement came a day after the bank's results for the first nine months of the year showed a drop of nearly 50 per cent in net profit from the same period the year before.
Of the lost jobs, 3,300 will be in the banks' private client and asset management division, the bank said.
Another 1,200 will be lost from the bank's service arm, which provides support services such as computers and telecommunications to the entire group.
German banks have been struggling with high costs and a slowing economy, and have made a string of job reduction announcements in the past several months.
AP
