Deutsche Bank Plans To Axe 250 Investment Banking Jobs

German banking and financial services firm Deutsche Bank is reportedly planning to cut up to 250 investment banking jobs across the globe.

Deutsche Bank intends to extend the job cuts up to 500 members.

The banking and financial services firm is reducing the jobs, as part of its efforts to improve revenues and returns.

Deutsche Bank is mainly focusing on removing senior and mid-level investment banking positions in the UK and the US.

The bank has taken the decision to cut jobs, after the reduction in revenues of investment banking by 15% in 2017.

Deutsche Bank’s corporate and investment bank segment (CIB) reported a loss of €733m for the fourth quarter of 2017, compared to €433m in the same period of 2016.

The segment reported revenues of €2.7bn, which was decreased 16% year-on-year. Revenues in fixed income and currencies (FIC) have been decreased 29% year-on-year, while combined FIC and FIC-related Financing revenues were down 20%.

The bank said that the segment was impacted by low volatility, low institutional client activity and difficult trading conditions in certain areas.

Overall, the bank reported a net loss of €2.1bn for the fourth quarter of 2017, compared to a net loss of €1.8bn for the same quarter last year. The bank’s net revenues were €5.7bn for the quarter, compared to €7.06bn for the corresponding period of 2016.

In December 2017, Banco Santander, along with its Polish subsidiary Bank Zachodni WBK, agreed to acquire Deutsche Bank’s retail and private banking businesses in Poland for €305m.

The divested portfolio includes Deutsche Bank Polska’s retail and private banking business, SME business, asset management arm and sales networks with 113 branches and over 1,500 employees.

Based in Frankfurt, Deutsche Bank provides financial products and services for corporate and institutional customers, as well as private and business customers.

With over 100,000 employees in around 70 countries, the banking firm carries out operations in Europe, the Americas and Asia-Pacific.

Image: Headquarters of Deutsche Bank in Frankfurt, Germany. Photo: courtesy of Raimond Spekking.