Deutsche Bank’s acquisition of Zurich Scudder will result in the loss of nearly 1,500 jobs, or about 20% of the combined group’s 8,000 employees, according to a report appearing today in The Wall Street Journal.

The reductions will be made to Zurich Scudder and Deutsche’s asset management unit and and will affect about 400 investment professionals, including portfolio managers, analysts and traders, the Journal reported.

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