Deutsche Bank (DB) To Cut More Jobs

The Financial Times is reporting that Deutsche Bank (NYSE: DB) is going to cut 900 jobs as it responds to the global financial crisis by restructuring its investment banking ­operations.

Deutsche Bank's job cuts will likely be focused mainly in New York and London, the largest centers of its global business.

These job cuts will reduce Deutsche's global workforce by 12%.

Deutsche is reducing its exposure to several business lines including its trading of "exotic" structured products such as collateralized debt obligations.

Deutsche Bank is also cutting jobs in credit origination, such as bond underwriting, and in proprietary trading. This reduction to proprietary trading was revealed by Stefan Krause, chief financial officer, last month.

On the bright side, last month Deutsche Bank announced an expansion of its retail-led private and business clients division, creating 2,500 jobs in Europe while shedding 1,100 back office jobs.

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