Deutsche Bank plans job cuts of at least 10% in rates unit: Bloomberg

Reuters
Updated
FILE PHOTO: The logo of Deutsche Bank is pictured on a company's office in London

(Reuters) - Deutsche Bank AG <DBKGn.DE> said it is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender's sweeping revamp in July, Bloomberg reported on Monday.

The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, Bloomberg https://bloom.bg/2VZlwaR said, adding no final decision had been made.

The bank is putting the finishing touches to a review of the unit, which has struggled with low profitability for some time, Bloomberg reported, citing people briefed on the matter.

In a statement, Deutsche Bank said: "We are committed to a robust and broad-based rates platform and are investing in areas of our rates business where we see opportunities to grow our client franchise."

(This story corrects name of bank in fourth paragraph)

(Reporting by Anurag Maan in Bengaluru; Editing by David Holmes)