By Pietro Lombardi 
 

Deutsche Bank AG (DBK.XE) said Tuesday that "a substantial number" of its planned job cuts will take place in Germany.

The cuts are part of a deep overhaul the German banking giant presented in July, which includes exiting its global-equities sales and trading business, as well as cutting 18,000 jobs.

"There will be a substantial number of job cuts in Germany, as it is where by far the largest share of Deutsche Bank's workforce is based," the company said in a statement published on Twitter.

The statement came in response to a Bloomberg report saying that about half of the planned job cuts will be made in the bank's home market.

Roughly 45% of the bank's 91,737 employees were based in Germany at the end of last year, according to its 2018 annual report.

"As soon as decisions have been made regarding the exact number of jobs to be cut, they will first be discussed with those directly affected," Deutsche Bank said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

October 08, 2019 10:39 ET (14:39 GMT)

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