Frankfurt: The biggest German bank, Deutsche Bank, said on Tuesday it might have to eliminate jobs as it battles the global financial crisis.
“New economy measures might be necessary. The elimination of jobs cannot be ruled out,” the bank said in its 2008 annual report.
Deutsche Bank’s Josef Ackermann added however that the bank was “well positioned” to deal with the crisis and that early results this year were encouraging.
Ackermann, a Swiss national, has given up his 2008 bonus and earned a total of €1.4 million ($1.9 million) last year, 10 times less than in 2007, the report said.
Deutsche Bank had already reported a net loss of €3.9 billion in 2008.