On the morning Deutsche Bank began making thousands of job cuts as part of a sweeping overhaul at the ailing German lender, Financial News can reveal that some managing directors at the company were being fitted for suits costing at least £1,500.

The news has emerged after two tailors were photographed leaving Deutsche’s London headquarters on Monday holding suit bags. They were wrongly identified as employees departing the bank with their belongings after being fired. The photo was widely disseminated on Twitter and was used...