Thousands of City workers are fearing for their jobs after Deutsche Bank confirmed plans to cut 18,000 jobs across its global business.

The firm, which employs around 8,000 in the UK, is telling staff about the details of the major redundancy plans at its London offices this morning.

The layoffs come two months after the company's chief executive, Christian Sewing, promised shareholders tough cutbacks to save more 1 billion euros (£880 million).

Job losses come just over a year after the bank slashed 6,000 jobs across its global business, as part of a first round of restructuring.

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It flagged the need for further "extensive restructuring" in May, paving the way for the next tranche of major job losses which will impact on 20% of its global workforce.

Deutsche Bank has not revealed how many of its UK workforce will be affected.

Mr Sewing said: "We have announced the most fundamental transformation of Deutsche Bank in decades.

"We are tackling what is necessary to unleash our true potential - our business model, costs, capital and the management team.

"We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank."

The restructure comes after the bank suffered multiple blows to its reputation in recent years, including failed stress tests in the US and raids by German police in November as part of money laundering investigations.

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Paul Achleitner, chairman of the bank's supervisory board, said: "Deutsche Bank has been through a difficult period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism."

Vodafone has hired former Tata Communications boss Vinod Kumar to take over the reins of its business division.

Mr Kumar will take over as chief executive officer of Vodafone Business on September 2 2019.

He will succeed the company's chief for its Rest of World region, Vivek Badrinath, who has been holding the role on an interim basis since March.

Mr Kumar joins Vodafone after 15 years at Tata, where he was originally chief operating officer, before taking over as managing director and CEO in 2011.

Vodafone Group chief executive Nick Read said: "Vinod is a very experienced business leader with a breadth of experience from across the globe. He is a great addition to Vodafone and the executive committee."

Shares in Vodafone were down 0.5% to 133.9%.

Photo-Me International saw its shares slip after the photo booth operator said it will delay the release of its results for the 2019 financial year, as more time is needed to complete its audit.

The company said the delay in the publication of its results for the year to April 30 will give its new auditor Grant Thornton time to complete its work.

Grant Thornton was hired as its new auditor, replacing KPMG, in 2018 and it said it needed more time to complete the audit with "enhanced internal regulatory scrutiny".

Photo-Me said it believes its accounts for the year to be substantially complete and said its new auditors have not raised any material issues regarding the accounts.

Shares in Photo-Me were down 3.8% at 92.8p.