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Deutsche Bank U.S. Cuts, New York Shift Cap CEO's First Month

  • Lender said to consider cuts affecting 20% of U.S. employees
  • Bank also moving New York office and plans to shut in Houston
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Bloomberg’s Steven Arons reports on Deutsche Bank’s U.S. restructuring plans.Source: Bloomberg
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Christian Sewing’s restructuring plans at Deutsche Bank AG are slowly taking shape.

The bank is considering a sweeping restructuring of its U.S. business that could result in the firm cutting about 20 percent of its staff in the region, according to people familiar with the matter. That’s double previous estimates, adding to evidence of further big change underway. The bank last week said it would close its Houston office, home to more than 50 jobs, and that will relocate away from Wall Street to a Midtown location that’s 30 percent smaller.