Deutsche Bank is cutting hundreds of positions in its investment bank before bonus day amid increasing pressure for the lender to restore profits in the unit.
The Frankfurt-based bank has already started making layoffs in London, according to sources, with around 250 jobs expected to go globally. The final number is, however, still undecided and as many as 500 roles are at risk. Bloomberg first reported the news.
The redundancies are not expected to concentrate on any particular team but will be significantly higher than pre-bonus culls in previous years, one person said.
Those who have been cut were just weeks away from getting their bonuses, expected to be revealed alongside the group’s annual report on March 16, after many were told last year that their payout would be nothing at all.
Chief executive John Cryan is under immense pressure to turn around the once glowing investment bank, with weary shareholders telling The Sunday Telegraph late last year that they were gasping for “some proof” his efforts were working.
Shares in the German lender fell 6.5pc earlier this month amid concerns that Mr Cryan is failing to put the bank “back on the front foot” with revenue sliding 12pc to €26.4bn (£23.4bn) after hitting a seven-year low in the fourth quarter.