Deutsche Bank Said to Plan Job Cuts at German Power-Trading Unit
- Firm has pulled out of most commodity trading since late 2013
- Germany accounts for about 44% of bank's net staff reduction
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Deutsche Bank AG plans to eliminate jobs at its German power-trading business as co-Chief Executive Officer John Cryan seeks to cut costs across Europe’s largest investment bank, according to a person with knowledge of the matter.
Three client-facing positions and about 10 roles in the back office may be eliminated, said the person, who asked not to be identified because the matter is private. The bank’s management has told labor representatives that it plans to cut 40 jobs at its German investment banking and trading unit, said the person.