Deutsche Bank AG is laying off dozens of employees in its Chicago office, Bloomberg News reported, citing people briefed on the matter.
Deutsche Bank CEO Christian Sewing recently said that the bank needed to significantly reduce headcount to deliver on short-term cost targets. Sewing in May told investors that the job cuts were "unavoidable." The bank has also reportedly been under shareholder pressure to significantly reduce its U.S. investment banking business.
Deutsche Bank's Chicago office includes front-office trading, treasury and operations functions such as listed derivatives and supporting trading at the Chicago Mercantile Exchange and Chicago Board of Trade, Bloomberg reported.
Corporate finance and corporate banking teams are reportedly not being impacted by the job cuts. The bank is also offering some operations staff the option to relocate to Jacksonville, Fla., the report added.
A spokesman for the bank declined to comment on the firm's plans for the Chicago office, the media outlet noted.