Deutsche Bank plans to cut 9,000 jobs in Germany, Bloomberg says

Around half of Deutsche Bank's planned 18,000 job cuts will be in Germany, according to a source cited by Bloomberg on Tuesday.

Bloomberg reported that sources familiar with the matter claimed that the lender's operations in London, where it employs around 7,000 people, will also see heavy cuts on the back of Brexit, while its US operations may see front-office job losses.

The report from Bloomberg added that it was increasingly clear that Deutsche Bank's retail bank would also be subjected to major cuts, with retail banking boss Frank Strauss having left the business because he did not support the plans, according to supervisory board chairman Paul Achleitner.

Another substantial portion of the job cuts, which were intended to be completed by the end of 2022, were likely to be from the bank's equities trading business, which it planned to exit.

However, in a statement, Deutsche Bank said: "It is too early to comment on specific details. Also we don’t comment on specific regions/locations."

The lender had previously indicated that its operations in Germany, which at the time employed around 41,700 people, would also see their fair share of cuts after Deutsche Bank announced restructuring plans alongside a second quarter loss back in July.

The restructuring plans followed merger talks with Commerzbank, which failed in April after the two rivals concluded that the risks and costs associated with creating a combined and streamlined business could outweigh the benefits.

Deutsche Bank shares were down 3.70% at €6.24 at 1223 BST.