FRANKFURT AM MAIN, GERMANY (BNO NEWS) -- Deutsche Bank on Tuesday said it plans to cut 1,900 jobs, most of them at its investment bank, as part of an effort to save approximately 3 billion euros ($3.69 billion). The bank also reported its profit dropped 46 percent in the second quarter of this year.
The German bank, which employs more than 100,000 people in more than 70 countries, said its second-quarter profit dropped to 650 million euros ($800 million) in the second quarter of this year. This represents a drop of 46 percent when compared to the same period last year, when profit was about 1.2 billion euros ($1.47 billion).
After reporting the results from the second quarter, Deutsche Bank said it has identified measures to slash costs by approximately 3 billion euros ($3.69 billion). These cost reduction measures will include changes to the bank's business and revenue model, but will be offset by required investments to support business growth.
As part of the cost reduction measures, the bank plans to cut approximately 1,900 positions, resulting in savings of approximately 350 million euros ($430 million). These job cuts include approximately 1,500 positions, or about 15 percent of staff, at Deutsche Bank's investment banking division.
In April, Deutsche Bank had said it saw no need for layoffs in the immediate future, and Tuesday's announcement comes less than two months after Anshu Jain took over as the bank's co-chief executive. The other co-CEO, Juergen Fitschen, assumed the position in late May.
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