Deutsche Bank jobs at risk as profits slide
Jul 31, 2012 (Menafn - London Evening Standard - McClatchy-Tribune Information Services via COMTEX) --Deutsche Bank today added to fears of major job cuts in the City as it admitted investment banking profit plunged 63 percent in the second quarter of the year.
Anshu Jain, co-chief executive, said: "The European sovereign debt crisis continues to weigh on investor confidence and client activity across the bank."
Jain, who used to run the investment banking side of the business, plans to overhaul the bank's strategy and has already lowered its risk-taking profile.
Analysts said the profit fall was similar to rival groups but pointed out that costs had not been cut fast enough, meaning pre-tax profits were hit harder. Second-quarter investment banking profit was euro 357 million against euro 969 million a year earlier.
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