Deutsche Bank plans record job cuts

Deutsche Bank is to shed 900 jobs as it moves to reshape its investment banking operations. The cuts are the biggest to be instituted by Germany's largest bank and will fall mainly in New York and London, the key centres of its global markets business. The move means a reduction of about 12% in Deutsche's 7,000-strong global markets team, led from London by Anshu Jain. Deutsche is reducing its exposure to several business lines including its trading of "exotic" structured products such as collateralised debt obligations. Deutsche is also cutting jobs in credit origination, such as bond underwriting, and in proprietary trading. But it is also expected to expand staff in areas where it foresees growth, such as forex – where it has the largest market share – and commodities trading. It is also beefing up its cash equities business in anticipation of growth in so-called algorithmic equities trading. The cuts, to be implemented in coming weeks, are not thought to affect Deutsche's global banking division, led by Michael Cohrs, which employs about 4,000.