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Deutsche Bank looking to cut more than 250 jobs at corporate and investment banking arms
Deutsche Bank began making moves to cut no less than 250 jobs in its corporate and investment bank units, as it looks to stem the flow of expenses while its securities division continues to slide.
The cutbacks, which may rise to as many as 500 people, had already seen Deutsche Bank let go of senior and mid-level investment bankers like Marc Benton and Evans Haji-Touma in London and the US.
Revenues and returns from the Frankfurt-based lender's investment unit had shown no sign of improving; dropping 27% in its fourth quarter, as fees from advising on deals and arranging debt and equity sales fell back 3%.
In addition to the declines, Deutsche Bank took a hit when those within the division received bonus payments that chief executive officer John Cryan had referred to as being on the "generous" side, the two ultimately pushed the business into the red.
Deutsche's corporate finance unit for Europe, the Middle East and Africa was hit with some of the cutbacks, including Andrew Tusa, the lender's co-head of UK corporate broking and Jonathan Gold, a senior financial institutions banker in London.
At the end of 2017, Deutsche Bank's corporate and investment bank employed 17,251 front office full-time staff.
As of 1700 GMT, shares had gained 2.10% to 13.19 each.