Deutsche Bank Said to Plan Closing Offices in Peru, Chileby , , and
Brazilian equity, fixed-income trading business to move to NYC
Cuts are part of a restructuring effort to trim bank's costs
Deutsche Bank AG is closing offices in Chile and Peru and transferring some Brazil operations to New York as part of its global restructuring efforts, people familiar with the decision said.
Equity and fixed-income trading are the main Brazilian businesses that will be moved to New York, the people said, asking not to be identified because the matter hasn’t been made public. Deutsche Bank will keep its cash-management business in Brazil, one of the people said, while offices in Santiago and Lima will be shuttered.
Deutsche Bank had 43 employees in Chile, 19 in Peru and 334 in Brazil, according to its 2014 financial statements.
The Frankfurt-based firm is scheduled to announce restructuring changes Thursday as co-Chief Executive Officer John Cryan seeks to improve capital levels and returns by cutting costs. Renee Calabro, a Deutsche Bank spokeswoman in New York, declined to comment.
The moves are an effort to centralize trading books in New York, London and Frankfurt hubs while the bank maintains transaction services such as cash management in Latin American countries where it has them, said another person with knowledge of the matter.