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Report: Deutsche Bank making selective cuts in UK-based i-bank

Deutsche Bank AG has started the process of making selective layoffs in its U.K.-based investment bank's banking and markets businesses, "multiple sources" told Thomson Reuters' IFR.

The sources noted that the job cuts were slightly deeper than typical reductions made by investment banks at this time of the year and are not focused on any particular business, according to the newswire. The German lender's corporate and investment bank revenues declined to €14.23 billion in 2017 from €16.76 billion in 2016, although the division had 41,349 staff by the end of December 2017, 1,700 more than a year earlier.

Two sources also told IFR that Jonathan Gold, Deutsche Bank's co-head of financial institutions origination for Europe, the Middle East and Africa, has been put at risk of redundancy. Gold was named co-head of the group in November 2016, along with Gerald Podobnik, as part of a reshuffle of the German lender's financing and solutions group.

It is understood that Podobnik will assume sole responsibility of the group and continue to head financial institutions for Germany, Austria and Switzerland, as well as retaining his roles as global head of capital solutions and sustainable financing, according to the report.