BayernLB, Germany's second largest wholesale Landesbank, which agreed a €10bn ($12.6bn) rescue package from the state and federal governments on Friday, will cut 5,600 jobs, or almost 30% of its workforce over the next five years as part of restructuring plans to close several international offices and exit all non-customer related business.

The Munich-based bank will shut its five branches in Asia and its Milan branch, as well as "streamlining considerably" its New York and London branches, which BayernLB said are important to its German customer base.