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Report: Deutsche Bank axing at least 250 i-bank jobs


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Report: Deutsche Bank axing at least 250 i-bank jobs

Deutsche Bank AG has started the process for at least 250 layoffs in its corporate and investment bank, Bloomberg News reported Feb. 19, citing "people with direct knowledge of the matter."

The German bank has already cut senior and mid-level investment banking positions in places including London and the U.S., and with the cuts still taking place, the figure could rise to more than 500, the report noted. The layoffs reportedly result from the investment bank getting no closer to improving revenues and returns.

Those dismissed include Marc Benton, head of European energy investment banking; Evans Haji-Touma, who had focused on sovereign wealth and public pension funds; Andrew Tusa, co-head of U.K. corporate broking; and Jonathan Gold, a senior financial institutions banker in London.