Report - Deutsche Bank said to be planning to axe investment banking jobs

Axe In Wood

Breaking news.

Bloomberg News reports that Deutsche Bank plans to cut more jobs at its investment bank to lower costs as business stagnates, two people with knowledge of the plan said.

The bank is weighing the reductions, which come in addition to the 2,000 announced in 2012, over the coming months across its corporate finance, capital markets and trading businesses, said the people, who asked not to be identified because the details aren’t public. Managing directors are included in the plan, they said.

The cuts are a result, in part, of the bank’s decision to increase base pay for senior bankers, boosting fixed costs, two people said. No decision has been made on the total number of job losses, the people said, although The Financial Times reports that Deutsche is set to cut 500 jobs in the investment bank in London and continental Europe.

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Deutsche Bank Said to Plan Job Cuts at Investment Bank

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