The loss of jobs in investment banking and brokerage is truly a worldwide phenomenon. Duetsche Bank announced that it is cutting 900 jobs in its investment banking operations in New York and London. According to James Wilson reporting on FT.com today, these cuts are the deepest yet by Germany’s largest bank. The move amounts to a reduction of about 12% of Deutsche Bank’s 7000-person investment banking team.
Deutsche Bank is also cutting jobs in credit origination, bond underwriting, and proprietary trading. The bank is not accepting any capital or liquidity guarantees from Germany’s government-backed financial sector stabilization fund.
This latest news on the job front demonstrates that employees of overseas financial firms are certainly not immune to the ongoing heavy job cuts that American-based firms such as Citigroup are experiencing.