Deutsche Bank Is Closing Its Houston Office
- Oil and gas IB team falls victim to German bank’s U.S. cuts
- Internal memo says bank still committed to other sectors
Deutsche Bank Said to Cut Around 20% of U.S. Staff
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Deutsche Bank AG is closing its office in Houston and exiting oil and gas advisory as part of a strategy to pare its U.S. operations, according to an internal memo seen by Bloomberg.
The shuttering is the result of Deutsche Bank’s decision to reduce its investment banking coverage in the U.S. to seven sectors from eight previously, Mark Fedorcik, co-head of the U.S. investment bank, said in the memo to staff.