Deutsche Bank cuts 150 corporate finance jobs-source
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LONDON (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research) has laid off about 150 people in corporate finance since January in addition to the less than 300 worldwide cuts made earlier in global markets, a source close to the bank said on Friday.
Deutsche Bank declined to comment.
The corporate finance unit let go of 70 people in late January and roughly 80 within the past few weeks, the source said.
The latest cuts have affected mainly junior employees, such as analysts and associates, from the unit which includes advisory, commercial real estate, asset finance and leasing, debt finance and equity capital markets businesses.
A spokesman for the German bank said on Jan. 16 it would cut up to 300 jobs worldwide in investment banking, or 2 percent of its workforce in that business.
Investment banking at Deutsche consists of global markets and global banking divisions, where corporate finance is part of the latter.
Financial companies have slashed between 60,000 and 70,000 jobs in the United States and Britain since the U.S. subprime mortgage crisis hit in August and dealt a blow to deal-making.
Royal Bank of Scotland (RBS.L: Quote, Profile, Research) has shed up to 200 jobs this week in parts of its debt and investment banking units worst hit by the slowdown in financial markets, people familiar with the matter said on Wednesday.
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