German bank shake-up

TroUBLED German lender Deutsche Bank is shaking up its business to boost growth.

Bosses announced 9,000 job cuts as they battle to survive in the low-interest eurozone. Chief executive John Cryan has vowed to cut costs and ordered senior staff to forfeit their bonuses and a combined debt, equity and leveraged capital markets business will be created.

Deutsche’s investment banking and trading arms have been united and joint heads Marcus Schenck and Garth ritchie are trying to stem a stampede for the exits by clients, and are slashing £583m of costs. It follows a £5.9bn bill from US authorities in December for mis-selling mortgage debt.