Deutsche Bank AG is laying off dozens of staff in its global fixed-income unit that had been largely spared from earlier job cuts under its planned revamp, Bloomberg News reported, citing people familiar with the matter.
In July, the German lender announced that it will exit its equities sales and trading business and reduce the size of its fixed-income segment, particularly its rates business, as part of a sweeping restructuring effort to focus on its core businesses.
Traders across the bank's high yield, distressed and investment-grade debt teams in New York and abroad were let go, the sources said. John Pipilis, who headed the fixed-income unit globally, and credit trading executive Paul Huchro have already left the lender, the news agency noted.
The cuts are mainly related to underperforming divisions such as the Latin America credit business, which the bank will eliminate entirely, the people said. Despite the move, Deutsche Bank reportedly plans to maintain some services to allow continuity for clients in the region.
The layoffs include Eric Eisner and Paul Delaney, managing directors in the Latin America unit, as well as Timothy Fischer in leveraged credit sales and Andrew Meany in credit trading, the people said.
