Deutsche Bank to now cut 9,000 jobs globally in restructuring process

Deutsche Bank has agreed to axe a further 1,000 jobs in Germany on top of previously announced 3,000 cuts in the country, taking the total reduction to 9,000 around its offices globally.

Deutsche was reported to have reached an agreement on the restructuring measures with local unions, Reuters said.

The giant German lender, which has been causing widespread concern about the European banking sector after the Department of Justice slapped it with a $14bn fine for mis-selling mortgage-backed securities in the run-up to the financial crisis, was boosted earlier on Thursday by backing from German government officials and those at the International Monetary Fund.

Reports emerged that the German government has begun talks with US authorities to try and help Deutsche Bank swiftly gain a much reduced settlement, having previously distanced the state's role in the standoff.

With the IMF suggesting the lender was too big to be allowed to fail, Reuters cited German officials in Berlin who had suggested the behind-the-scenes intervention could help Deutsche Bank seal a quick deal.