TIL Desk/Business/London/ Deutsche Bank started slashing thousands of jobs in the City of London and in New York only hours after announcing a drastic plan to reduce its global workforce by 18,000.
Germany’s biggest lender employs almost 8,000 people in the United Kingdom, with 7,000 in London, which is one of the main hubs for its global investment bank, where the bulk of the job losses will be focused.
The jobs being cut make up about a fifth of Deutsches global workforce of 91,500. Deutsche has failed to recover from the financial crisis of 2008 and, faced with rising costs and a falling share price.
