FRANKFURT (Reuters) - Deutsche Bank denied a report that it plans to cut thousands of jobs. "There are no such plans," a spokesman for Germany's biggest lender said on Friday. German weekly magazine Der Spiegel earlier reported that about 15 percent of the bank's 35,000 jobs could be cut in the areas of infrastructure and regional management. In February the bank reported a quarterly loss of 351 million euros ($463 million) after packing in 1.2 billion euros worth of one-off charges into the fourth quarter. (Reporting by Edward Taylor; Editing by Mike Nesbit)
Update: In an emailed statement, the German finance ministry told Bloomberg that the report on Deutsche Bank by German weekly Die Zeit “is incorrect" adding that "the federal government isn’t preparing any rescue plans. There are no grounds for such speculation.”
According to latest reports, Deutsche Bank AG (USA) (NYSE:DB) plans to cut thousands of jobs in several countries as part of a major overhaul. The bank recently announced earnings for the three-month period ending September 30, and reported a loss of around $6.56 billion as the bank continues to face litigation and impairment charges. Trading income, however, saw an increase of 7% while revenue from trading debt increased by 20%.