Deutsche Bank, Oracle to cut jobs

Mumbai: Germany's largest commercial bank, Deutsche Bank, has announced plans to cut a further 2,100 jobs in its corporate and investment banking divisions. "The restructuring will be carried out over next 12 months," the bank said in a statement.

About 350 jobs will be lost in the UK where the bank employs less than 10,000 people. The job cuts come on top of 7,100 cuts announced in several waves of cost-cutting measures earlier this year. Some analysts expect the total layoffs to rise in 2002 to between 12,000 and 15,000.

In the meantime, enterprise software-maker Oracle Corp has decided to cut as many as 840 jobs from its global workforce of 42,000 as part of a realignment of the company's services business. An Oracle spokesman said the cuts would represent between 1 and 2 per cent of the company's global workforce, and most would come from its services division.

"While certainly some people will leave the organisation, others will be redeployed," the spokesman said. The job cuts appear to be related to a bigger management shift at the company based in Redwood, California.

Earlier this month, Jay Nussbaum stepped down as executive vice-president of Oracle's services business after 10 years, taking a senior executive position at the enterprise software and services division of KPMG Consulting.