Bundesbank rejects report of 1,500 job cuts

The German government is planning to cut about 1,500 jobs at the Bundesbank by the end of 2007, Der Spiegel magazine reported, quoting a letter Barbara Hendricks, secretary of state to the finance ministry, sent to Volker Wissing, a member of the lower house of parliament.

'One can assume that there will be further need for personnel adjustments -- also in 2007,' she wrote.

The magazine also said the finance ministry is considering transforming in the long run the central bank into a think ta