Chillin' out till it needs to be funded
Deutsche Bank is to shed 900 jobs as it responds to the financial crisis by reshaping its investment banking operations.
The cuts are the deepest instituted by Germany’s largest bank in response to the steep downturn in banking and will be felt around the world, although they will fall mainly in New York and London, the largest centres of its global markets business.
The move means a reduction of about 12 per cent in Deutsche’s 7,000-strong global markets team, led from London by Anshu Jain.
Deutsche is reducing its exposure to several business lines including its trading of “exotic” (and now highly unpopular) structured products such as collateralised debt obligations. Such instruments have been at the heart of some of the criticism of the “originate and distribute” models used by global banks.