Deutsche Bank AG (DBK), Germany’s biggest bank, plans to cut more jobs at its investment bank to lower costs as business stagnates, two people with knowledge of the plan said.
The bank is weighing the reductions, which come in addition to the 2,000 announced in 2012, over the coming months across its corporate finance, capital markets and trading businesses, said the people, who asked not to be identified because the details aren’t public. Managing directors are included in the plan, they said.
The cuts are a result, in part, of the bank’s decision to increase base pay for senior bankers, boosting fixed costs, two of the people said. No decision has been made on the total number of job losses, the people said.
Chosen excerpts by Job Market Monitor. Read the whole story at Deutsche Bank Said to Plan Job Reductions at Investment Bank (1) – Businessweek.
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