Setting out the details of their definitive merger agreement, Deutsche Bank and Bankers Trust Corp. said Monday that they expect to lay off 5,500 employees, take $1 billion in restructuring charges, and end up with $1 billion of annual cost savings by 2001.

Speaking a day after the $10.1 billion deal won formal board approvals, Deutsche Bank chairman Rolf-Ernst Breuer said the layoffs would be concentrated in London and New York, where the companies have substantial overlapping operations.

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