Deutsche Bank AG may cut about 2,000 of its German jobs, or 7% of its workforce in Germany, to implement the plan of Chief Executive Officer Josef Ackermann of profit improvement. He has committed to cost reduction of 800 million euros ($1.06 billion) by late 2005. The plans may be announced today, according to an unidentified source within the bank.

 

Overall, Deutsche Bank intends to slash no more than 14,470 positions, or 10% of its global workforce totaling 65,374 employees, says supervisory board member Margret Moenig-Raane.

 

Deutsche Bank spokesman Ronald Weichert declined to comment.

 

Deutsche bank has not done very well on the domestic front of late. About a third of its 21.3 billion euros in annual revenue comes from its business in Germany, where its share has been shrinking as a result of fierce competition with Citigroup Inc. and Barclays Plc. that are gaining strength in corporate, investment banking, and consumer banking.

 

Deutsche Bank's market share in bond underwriting bonds issued by German borrowers was down to 7.6% in 2004 compared to 9% in 2002.