Deutsche Bank to axe one in seven traders, sources say

Updated Friday, November 21, 2008 10:53 am TWN, Reuters

Deutsche Bank to axe one in seven traders, sources say

FRANKFURT -- Deutsche Bank will sack about one in seven traders, roughly 900 staff, in its single biggest cut to investment banking since the onset of the financial crisis, sources with knowledge of the plan told Reuters.

The German bank, which had initially managed to duck the worst of the financial storm, is seeing frigid markets sap earnings in what used to be the engine room of its business — investment banking and trading.

The staff will be cut from Deutsche Bank’s global markets division which employs around 7,000 traders. Most are in London and New York, and those locations are where the axe will fall hardest, sources said.

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