Deutsche Bank plans to cut 300 jobs

LONDON: German banking major Deutsche Bank plans to axe 300 jobs at its global markets arm, as the company copes with worsening credit crisis.

"Deutsche Bank has said it plans to cut 300 jobs at its global markets arm as worldwide credit problems cut into expected earnings growth," the BBC said in a report published online today.

Quoting the bank's spokesman, the report said that the job reductions would occur in the firm's sales and trading division, with the savings redirected towards areas with greater growth potential.

The bank is the latest entity to slash jobs and follows massive layoffs announced by many financial firms including Citigroup.

The BBC report quoting analysts said that Deutsche Bank's redundancies are modest compared to its peers.

As part of its efforts to bring down costs, Citi which has been battered by the financial turmoil in November said it would cut more than 53,000 jobs.

Banks across the world have seen losses to the tune of billions of dollars, primarily due to the slump in the US mortgage market.