UPDATE 1-Deutsche Bank to cut Latin America equities headcount -source
* Bank plans to trim Latin America equities business -source
* To focus business on Mexico, Brazil, New York -source (Recasts with source comment, adds detail, Deutsche Bank no comment, dateline)
FRANKFURT, April 23 (Reuters) - Germany's largest lender Deutsche Bank AG is trimming its equities team in Latin America and plans to run the business mainly from Mexico, Brazil and New York, a person familiar with the plans told Reuters.
It was not clear how many staff would be affected by the changes, which were earlier reported by Bloomberg. Citing two people familiar with the matter, the news agency said the bank was trimming headcount in locations that serve Latin America such as Sao Paulo, Santiago and New York and was also considering shutting its equities business in Chile.
Deutsche Bank declined comment.
The lender has already said its investment bank had seen a slow start to the year, hit by market and political uncertainty over the crisis in Ukraine and concerns about economic growth in China and Germany.
Deutsche Bank has made 2014 a make-or-break year as it cuts costs, slashes its balance sheet and works through a long list of scandals. (Reporting by Karen Rebelo in Bangalore and Andreas Kroener in Frankfurt; Writing by Jonathan Gould; Editing by Philipp Halstrick and David Holmes)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video