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Deutsche Bank is to cut hundreds of jobs in Germany in order to meet tougher capital rules.
There will be two rounds of layoffs, German newspaper Sueddeutsche Zeitung reported. The first round of layoffs will see the cutting of 543 jobs in Frankfurt and the bank's Postbank unit in Bonn. The cuts will affect the departments of finance, risk, controlling, treasury, HR, economic analysis and DB's legal departments.
According to sources, thousands more jobs will be scrapped in a second wave of layoffs which will be accompanied by bonus cuts and the sale of assets.
Earlier, Deutsche Bank announced it would sell its private banking arm to the BHF-Bank to Kleinwort Benson Group.