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Deutsche Bank to cut 1,900 jobs

The banks' involvement in the Libor scandal has been confirmed.

Deutsche Bank is cutting 1,900 jobs after confirming that a “limited number” of staff were involved in the Libor rate-rigging scandal

The bank reported a 63 per cent drop in profits in the second quarter of 2012, to €375m.

Most of the jobs to be shed are outside London, and the majority will be from Deutsche’s investment bank.

More than a dozen banks have now been investigated over alleged roles in the Libor manipulation scandal that was exposed at Barclays in July. At Barclays, the story led to the resignation of bank’s chief executive Bob Diamond.

Deutsche Bank has said an internal investigation has cleared senior management of any involvement in attempts to rig the rate-setting process.

This story continues in economia.

Helen Roxburgh is the online editor of Economia