Dec. 8 (Bloomberg) -- Deutsche Bank AG’s South African unit plans to cut 11 of its 187 positions, or 6 percent of its workforce in Africa’s largest economy, to reduce costs. JPMorgan Chase & Co. will also dismiss workers.

“We’re in the process of reducing the number of positions,” Herman Bosman, 40, the chief executive of the Johannesburg-based unit, said by telephone today. “We have to face the commercial reality that we can’t escape the turmoil and need to adjust our business model and cost structure to reflect this.”

Deutsche Bank, Germany’s largest, is negotiating with South African staff over which individuals will be affected, he added. Positions will be affected “across the board,” barring investment banking. Those hit will include traders, sales and support or administrative staff, Bosman added, declining to be more specific because the process isn’t completed yet.

JPMorgan, which employs about 600 people in South Africa, has or will cut “less than a handful of jobs” in investment banking, equity trading and research and debt capital markets in the country, Jon Zehner, CEO of the Johannesburg-based division, said by telephone. Less than 10 posts will also be lost at its Cape Town-based fund administration business, he added.

“While South Africa hasn’t been immune from the global credit crisis, the impact hasn’t been as severe as in New York or London,” he added. “It may still come this way.”

To contact the reporter on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net

Last Updated: December 8, 2008 09:30 EST