Deutsche Bank is likely to announce thousands of job cuts later, as it unveils a third-quarter loss of approximately €6.2bn (£4.5bn).

Germany's biggest bank had first warned of the disappointing figures three weeks ago, blaming most of the loss on a writedown in the value of its investment banking division.

After today's financial results are disclosed, Deutsche Bank staff and shareholders will be given details of the organisation's strategy for the next five years - and it has already been revealed that dividends for this fiscal year and next have been scrapped.

Deutsche Bank employs more than 8,000 people in the UK, with its headquarters in London and other offices in Bournemouth and Birmingham.

Last month, Reuters reported that the bank's new chief executive, John Cryan, was aiming to cut about 23,000 jobs - nearly a quarter of its entire workforce - in a massive reorganisation designed to lower costs.

Many of the back-office investment banking roles expected to be earmarked for redundancy are concentrated in London, Frankfurt and New York, it is believed.

After assuming his new role, Mr Cryan had warned Deutsche Bank staff that he "was not expecting all would be sweetness and light in the coming months".

The value of its investment bank was cut in the wake of strict new rules which dictate how much money banks must have in reserve.

Other factors contributing to the third-quarter loss included a provision of €1.2bn (£870m) to cover legal costs arising from regulatory investigations into a transatlantic rate-rigging probe.

DB has also slashed the value of its 20% stake in China's Hua Xia Bank by €600m (£433m).

Shareholders are hoping for a "large and credible" cost saving plan to be unveiled today, while analysts believe billions of pounds may need to be invested into restructuring.

Deutsche Bank's share price has begun to recover since the shock announcement earlier in October, in what has been an exceptionally challenging month for corporate Germany.

On Wednesday, Volkswagen reported a third-quarter operating loss of €3.5bn (£2.5bn) in the wake of the diesel emissions scandal.

Although the troubled firm has set aside €6.7bn (£4.8bn) to deal with the controversy, the company has indicated it expects this figure to rise - especially considering it does not account for any penalties, fines or compensation for which the German carmaker may be liable.

(Sky News)