German banking giant Deutsche Bank is planning to slash another 500 jobs in its investment business.
Financial Times reported that Deutsche Bank is set to cut the jobs from its London and continental Europe offices in the next few months in the bond and currencies trading and corporate finance units. The article added that the move comes as the bank’s fixed income division, which is also its main profit generator for years, is heading toward another revenue drop of about a fifth in the first quarter of this year.
Deutsche has cut 1,500 jobs since 2012 when it announced its downsizing plans to reduce costs by $6.2 billion, slashing its cost to income ratio in the investment bank last year from 81% to 76%.
Deutsche Bank is Europe’s biggest investment bank by revenue.