Deutsche Bank has moved to cut 900 jobs across its Global Markets division by the end of the year in response to losses in structured credit and proprietary trading in the third quarter, becoming the second major bank to disclose substantial staff reductions this week.

A source familiar with Deutsche Bank said it would eliminate jobs where activity will "not be" next year, including proprietary trading, exotic derivatives and credit origination. The job cuts will come mostly from the firm's New York and London offices.