Deutsche Bank ups job cut figure to 1,993 headcount
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) on Tuesday said it would cut 1,993 jobs, a slight upward revision of the 1,900 number disclosed by Germany's flagship lender in July, but significantly below the level of job cuts at peers like UBS.
Chief Financial Officer Stefan Krause said the majority of job cuts will be completed by year-end, adding that 1,200 of the total 1,500 job cuts at the investment bank had already been completed.
In total, 814 jobs would be cut within Corporate Banking & Securities, and 562 from the Asset and Wealth Management. A remaining 617 jobs will be cut from infrastructure functions which were primarily supporting the Corporate Banking & Securities, Deutsche Bank said.
Restructuring expenses of 276 million euros were recognised in the third quarter of 2012, of which 222 million euros was earmarked for termination benefits.
UBS (UBSN.VX) unveiled plans to fire 10,000 bankers in one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.
(Reporting By Edward Taylor and Jonathan Gould)
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