Deutsche Bank, Germany’s biggest bank, said this year will be challenging after a surge in legal costs and lower debt-trading revenue spurred a surprise fourth- quarter loss.

The decision by Zurich- based UBS to cut as many as 10,000 jobs and retreat from its capital-intensive trading businesses will help position Switzerland’s largest bank to return more funds to its shareholders.

ROYAL Bank of Scotland’s decision to cut jobs at its investment bank, RBS Securities, by more than a quarter may kickstart a wider shake-up among its rivals.

IT IS not certain that five foreign-owned banks operating here will be given protection under the Government’s guarantee scheme.