Deutsche Bank announces extra 1,000 jobs to go in Germany

Deutsche Bank announces extra 1,000 jobs to go in Germany

Embattled German lender Deutsche Bank announced Thursday that an extra 1,000 jobs would be lost in its home nation as part of a restructuring plan.

It said that it had reached an agreement with its works councils on role reductions in Germany, stating another 1,000 jobs will now be reduced in Germany, on top of initial plans for 3,000 job losses.

This brings the total number of role reductions in the country to around 4,000 which is part of 9,000 jobs being reduced worldwide to make the group "more competitive" as part of its new strategy, it said.

"We consistently implement our strategy to make the bank more efficient," said Karl von Rohr, member of Deutsche Bank's Management Board, in a press release on Thursday.

"We are fully aware that today's decision is a difficult change with significant personal impact for many employees. We will ensure that any staff reductions are carried out in a socially responsible manner," he added.

Shares of the bank climbed higher on the news and were trading up 0.5 per cent at 1.30 p.m. London time.

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