Deutsche Bank to axe 1000 jobs

Deutsche Bank, Germany's biggest lender, is to cut 1,000 jobs in its investment banking division, the business daily Handelsblatt reported Thursday, quoting "well-informed financial sources". The layoffs had become necessary in view of the difficult situation on the financial markets and most of the jobs would be cut outside Germany, with Deutsche Bank likely to unveil them when it publishes its second-quarter results on July 31, the newspaper said. Deutsche Bank declined to comment on the report. A string of other banking groups have slashed jobs in their investment banking activities in recent months, including Credit Agricole, Societe Generale and BNP Paribas in France, Intesa Sanpaolo in Italy, Credit Suisse and UBS in Switzerland, Goldman Sachs and Morgan Stanley in the US and Barclays and HSBC in Britain. Deutsche Bank shares were among the biggest losers on the Frankfurt stock exchange on Thursday, shedding 1.17 percent to 25.36 euros in a tentatively firmer market.