October 8, 2019 / 10:50 AM / 13 days ago

Deutsche Bank has no plans for additional job cuts

FILE PHOTO: The logo of Deutsche Bank is pictured in London, Britain July 8, 2019. REUTERS/Simon Dawson/File Photo

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) on Tuesday said it had no plans for further job cuts beyond the 18,000 positions it had previously announced.

The bank also underscored in a statement that a “substantial” number of jobs will be cut in Germany, which is “by far” Deutsche Bank’s largest location.

The lender, which faces a loss for 2019, earlier this year announced sweeping cuts and plans to close down some operations after it called off merger talks with rival Commerzbank (CBKG.DE).

Executives have said that all parts of the bank would be subject to cuts, without being more specific. The bank employs 91,700 people globally, of which 41,700 are in Germany, according to the bank’s 2018 annual report.

Bloomberg, citing people familiar with the matter, reported on Tuesday that about half of the 18,000 jobs cuts would occur in Germany as the bank tries to cut costs at its retail division.

“It is too early to comment on specific details. Also we don’t comment on specific regions/locations,” the bank said in an earlier statement.

Reporting by Tom Sims; Editing by Tassilo Hummel and Edward Taylor

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