FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) plans to cut another 500 investment banking positions due to poor results in the first quarter, with most of the layoffs in fixed income, currencies, commodities and derivatives, a German newspaper reported on Wednesday.
Most of the layoffs would occur in London, Handelsblatt Online reported. The bank’s headquarters in Frankfurt would remain virtually untouched and the United States was unaffected, the paper said.
A Deutsche Bank spokesman declined to comment on the report but said: “We plan the number of employees dynamically as part of our strategy 2015-plus and in harmony with our long-term strategy to increase our efficiency.”
Deutsche Bank launched a restructuring plan in mid-2012 designed to cut its balance sheet size and refocus its investment bank, saying then it aimed to cut investment banking headcount by 1,500.
Reporting by Thomas Atkins and Kathrin Jones; Editing by Anthony Barker