Deutsche Bank cuts top London investment banking team
Deutsche Bank has reportedly started cutting some of its top London investment bankers as the German lender kicks off a dramatic downsizing of operations.
A team of 10 emerging markets bankers have been let go, unnamed sources told Reuters.
Led by 18-year Deutsche veteran Philipp von Danwitz, the team were told this week as the lender confirmed plans to slash more than 7,000 jobs globally.
Deutsche intends to slash the number of full-time positions from just over 97,000 to "well below" 90,000 as part of wider work within the company to cut costs and return to profit.
Read more: Deutsche Bank announces plans to cut over 7,000 jobs
"We remain committed to our corporate and investment bank and our international presence – we are unwavering in that,” said the bank's new chief executive, Christian Sewing.
“We are Europes alternative in the international financing and capital markets business. However, we must concentrate on what we truly do well.”
Sewing was appointed to replace boss John Cryan in April, after the latter came under pressure with the third consecutive year of losses for the lender last year.
The bank will cut headcount in its equities sales and trading business by around 25 per cent, and in prime finance, Deutsche plans to reduce leverage exposure by a quarter too – equivalent to a reduction of around €50bn.
Deutsche Bank declined to comment on today's reports of London bankers being cut.
Read more: Deutsche Bank chair faces investor inquisition over 'limited progress'
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