Deutsche Bank announced today that it will eliminate 500 positions in the bank’s corporate banking and securities corporate division.
Today the German bank said in its release that the main reason for the layoffs is the uncertain economic environment stemming from the ongoing eurozone crisis.
According to Deutsche, the debt crisis has resulted in “significantly reduced volumes and revenues” from the corporate banking and securities division.
From the release:
In response to the significant and unabated slowdown in client activity, Deutsche Bank will consider additional cost controls beyond those already implemented as part of the recalibration of the Corporate & Investment Bank (CIB). This will lead to a reduction in headcount by around 500 positions in CB&S during Q4 2011 and Q1 2012, primarily outside Germany.
The bank said it still expects a profitable third quarter as well as a profitable full year for 2011.