Deutsche Bank Weighs Job Cuts of at Least 10% in Rates Unit
- Lender is putting final touches on review of rates trading
- ‘We need to refashion the business model,’ CFO has said
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Deutsche Bank AG is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender’s sweeping revamp in July.
Chief Executive Officer Christian Sewing has concluded that it’s possible to reduce enough of the associated technology costs to outweigh the loss in revenue, according to people briefed on the matter. The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, said one of the people, adding no final decision has been made. A cut of 10% would translate into fewer than 100 jobs at risk.