Deutsche Bank has reduced around 500 senior and mid-level investment bankers in London and US. The move came after considering bank’s falling returns.
Top officials said ‘at least 250’ and perhaps as many as 500 ‘senior and mid-level’ bankers in London and US have been fired in the past two weeks. According to the top media reports, the bank has declined to comment on the current situation.
The year 2017, had been the worst year for the investment banks, with low-income revenues with limited client activity.
In the last year, revenues at the division came down to €14.2 billion ($17.6 billion). Eventually, US and Europe competitors were leading ahead.
Deutsche has undergone a transformation, under chief executive John Cryan, who took the helm in 2015 to reduce exposure to uncertainties. The bank is preparing to shutter 200 branches in Germany while cutting 9,000 jobs worldwide.