LONDON, March 3 (IFR) - Deutsche Bank has put at least five senior banking positions at risk of being made redundant, according to market participants, as the bank pushes forward with cost cuts within its global markets division.
Deutsche started cutting around 75 jobs within its global markets division in London and New York last week and the names of affected managing directors are beginning to emerge.
Among them is Jamie Stuart, a managing director who heads up UK debt origination who is currently on leave from the bank, according to people with knowledge of the matter. He joined Deutsche in January 2000, according to his LinkedIn profile.
Michael Haize, Deutsche’s head of DCM for France who joined in October 2001, is at risk of redundancy while managing director Laure Garrido, who joined the bank in 1997, is also at risk.
Gavin da Cunha, co-head of DCM and treasury solutions group for Western European foreign exchange sales, who joined in 2014, and Andrew Reid, head of corporate pension origination, who joined in March 2010, have also had their positions put at risk.
Deutsche co-CEO John Cryan is planning to cut 15,000 jobs, in addition to selling businesses with a further 20,000 staff, to get the bank on track and offset falling trading revenues, hefty litigation charges and low interest rates.
The managing directors couldn’t immediately be reached for comment. Deutsche declined to comment. (Reporting by Helene Durand, editing by Matthew Davies and Ian Edmondson)