Deutsche Bank to wield the axe

Deutsche Bank is to slash more than 7,000 jobs in a move that is likely to affect London staff as the lender reshapes its trading and investment banking operations.

The bank said that it would cut its workforce from 97,000 to “well below” 90,000 and that reductions are already under way. Headcount in its stocks trading business, mostly based in New York and London, will be reduced by about 25 per cent.