Private banking is believed to be the weakest performing division of the bank at present. The cuts are thought to be the result of plans the bank has to close 75 private banking centres. The workforce will reduce to around 4,000.
Guido Heuveldop, who is the head of the private banking division in Germany, said that most of the cuts will come in back office operational roles.
Deutsche Axe 300
German daily newspaper BoersenZeitung reported Saturday that Deutsche Bank is to axe 300 jobs in it's private banking operations.
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