Deutsche Bank Will Cut 75 Jobs at Markets Unit in Overhaulby
Fixed-income jobs dropped 4% last year across the industry
Lender was said to cut 40 jobs at German investment bank
Deutsche Bank AG, which runs Europe’s biggest investment bank by revenue, said it will cut 75 jobs at its trading business as part of co-Chief Executive Officer John Cryan’s plan to lower costs.
The job losses will focus on fixed income and mainly take place in London and New York, a spokesman said by phone on Monday, without saying which positions will be cut. Business Insider reported the plan earlier.
Cryan, who took over from Anshu Jain in July, has started to shrink the trading empire built by his predecessor and eliminate a net 9,000 jobs across the firm by 2018 to help reverse a share slump that has made Deutsche Bank the lowest-valued global lender. Debt trading has borne the brunt of job cuts across the securities industry as stricter capital requirements erode returns.
Deutsche Bank’s management has told labor representatives that it plans to shed 40 jobs at its German investment banking and trading unit, a person familiar with the matter said in November.
The wider investment banking and trading unit had 28,280 staff at the end of last year, of which 7,958 had client-facing roles in the front office, according to Deutsche Bank’s filings.
The number of front-office jobs in fixed income, currencies and commodities trading across the industry dropped 4 percent to 18,800 at the end of December from a year earlier, analytics firm Coalition Development Ltd. said in a report on Monday. Staffing levels in equity trading remained flat at 18,900, while those in investment banking fell 1 percent to 17,700 over the same period, Coalition said.