Another 1,000 jobs to go at troubled Deutsche Bank

Deutsche Bank (LSE: 0H7D.L - news) is to cut another 1,000 jobs after announcing 3,000 posts were being axed in June.

The troubled German lender is facing ongoing pressure from US authorities to pay a $14bn (£10.5bn) fine to settle an investigation into the sale of mortgage-backed securities during the financial crisis.

The company said almost half of the latest job cuts will be in its macroeconomic research, asset management and corporate finance departments in Germany.

Karl von Rohr, a member of Deutsche's management board said the job cuts are part of the firm's strategy to improve efficiency at the bank.

"We are fully aware that today's decision is a difficult change with significant personal impact for many employees," he said.

"We will ensure that any staff reductions are carried out in a socially responsible manner."

Alongside reducing its staff, the lender has also been selling assets in order to boost its finances.

Share (LSE: SHRE.L - news) prices at Deutsche Bank dropped to record lows last Friday, after reports of the settlement emerged, but have since recovered slightly.

The German government has denied speculation that it is planning a rescue for the bank, but there are reports that it is holding talks with US authorities to help Deutsche Bank reach a settlement.