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Report: Deutsche Bank considers cutting 10% of rates workforce

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Report: Deutsche Bank considers cutting 10% of rates workforce

Deutsche Bank AG could let go of about 10% of the workforce in its division that trades interest-rate securities, as part of its ongoing efforts to reduce costs, insiders told Bloomberg News.

The division was not initially covered by the 18,000 job cuts the bank will make under its massive restructuring plan, but CEO Christian Sewing found that it is possible to lower associated technology costs to offset losses in revenue at the unit, people briefed on the matter told the newswire.

One of the sources said that Deutsche Bank could cut a low-double-digit percentage of jobs at the unit, which currently has several hundred employees, but a final decision on the matter has not been made.

A 10% reduction will equal fewer than 100 job cuts, according to the Oct. 21 report.

The Frankfurt-based lender is also said to be finalizing a review of the business, which has yielded low profits for some time, the people told Bloomberg, adding that the review's results could be unveiled during an investor day in December.

Despite the potential job cuts, the bank still plans to keep a significant operation of its rates business as it is an important part of its product offering, the report added.