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Deutsche Bank to cut 1,000 jobs

  • Deutsche Bank aims to cut around 1,000 investment banking jobs.

    The move is a shift in policy for Germany's flagship lender. In April, it said it saw no need for cuts at its investment bank, one of the main profit drivers.

    A drop in trading activity recent months has forced investment banks including Credit Suisse, Goldman Sachs and UBS to cut staff.

    Deutsche Bank's job losses come in addition to a cost-cutting program announced in October, which will see the bank axe around 500 positions in corporate banking and securities.