As expected, Deutsche Bank has announced massive job cuts, although not quite the 10,000 that was feared. The bank, Germany's largest lender, announced 7,000 jobs would go, mostly from its corporate and investment bank. One in four jobs in its equities sales and trading business will be axed. Deutsche shares fell 4.8 per cent on the announcement, to reach their lowest level since October 2016, reports the FT. The hardest hit offices in the restructuring are expected to be in the US and London.