Deutsche Bank axes London jobs

DEUTSCHE Bank is sacking 365 employees in its equities division in London and New York as part of a radical plan to slash costs by e2bn (£1.3bn) by the end of next year. Hundreds more jobs are expected to be lost in the next few months.

The first casualties were informed on Tuesday and the initial cull is expected to be completed by the end of the week. Traders, analysts and equity derivatives specialists are among those being asked to clear their desks.

Deutsche Bank, which employs 2,900 in equities worldwide, has like other investment banks been hit by the downturn in share markets over the past two years. Trading volumes are sharply lower.

Analysts said the sackings would just be the first of many if the new Deutsche chairman Josef Ackermann is to meet his ambitious costcutting target. London is expected to be a major casualty. Deutsche employs 11,000 in the City.