BRIEF: Deutsche Bank to cut 20% of US staff

Deutsche Bank

One of the largest lenders in Germany and the world, Deutsche Bank is said to be planning to cut about 20% of its US workforce.

The move is part of Deutsche Bank’s move to streamline its activities in investment banking.

There were earlier reports that just about 10% would be laid off. However, latest reports shows that the job cuts will be deeper than earlier announced.

The job cuts will see about 10,000 people being shaved off from the headcount which is about one in every five employee.