Commerzbank AG plans to cut about 110 jobs in New York as the German company seeks to focus on its core investment-banking operations, a person familiar with the matter said.

The reductions include about 100 back-office positions and 10 people who deal with customers, said the person, who asked not to be identified discussing personnel. The cuts are designed to boost efficiency in its investment bank by consolidating operations, similar to what the firm did at its London office in 2014, the person said.

German newspaper Handelsblatt reported the cuts earlier Thursday, citing an internally published interview with Michael Reuther, the Frankfurt-based lender’s head of capital markets.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE