Depfa Bank to cut 28 Dublin jobs

German state-owned lender Depfa Bank plans to cut a fifth of jobs in its Dublin headquarters after it swung into a loss last year as it was put into wind-down.

The bank will eliminate 28 of 140 jobs in the city this year, said Andreas Henry, a spokesman for FMS-WM, the German ‘bad bank’ that took over Depfa in December under government orders.

Depfa swung into a €155m net loss last year from a €36m profit in 2013, according to the company’s annual report, published yesterday.