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Deutsche Bank to cut 500 investment bankers: Handelsblatt Online [March 20, 2014] FRANKFURT (Reuters) — Deutsche Bank <DBKGn.DE> plans to cut another 500 investment banking positions due to poor results in the first quarter, with most of the layoffs in fixed income, currencies, commodities and derivatives, a German newspaper reported on Wednesday. |
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Most of the layoffs would occur in London,
Handelsblatt Online reported. The bank's headquarters in
Frankfurt would remain virtually untouched and the United States
was unaffected, the paper said. A Deutsche Bank spokesman declined to comment on the report but
said: "We plan the number of employees dynamically as part of
our strategy 2015-plus and in harmony with our long-term
strategy to increase our efficiency." Deutsche Bank launched a restructuring plan in mid-2012 designed
to cut its balance sheet size and refocus its investment bank,
saying then it aimed to cut investment banking headcount by
1,500. (Reporting by Thomas Atkins and Kathrin Jones; editing by Anthony Barker) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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