German banking major Deutsche Bank has started to cut at least 250 investment banking jobs, according to the people aware of the matter.
The number of layoffs can increase up to 500.
The bank decided to reduce its workforce in an attempt to address its growing expenses.
In the last two weeks, Deutsche Bank carried out selected cuts in the senior and mid-level investment banking positions at its UK and US offices to reduce redundancy.
Besides these regions, layoffs from other regions were also reported.
Earlier this month, the bank confirmed that its Asia head of financial sponsors Mohamed Atmani would leave the bank.
Further cuts are also anticipated in Deutsche’s debt capital markets business in Birmingham.
The move follows the Deutsche Bank announcement where its revenues in its investment bank slipped by 15% to €14.23bn last year, while the compensation and benefits soared by 8% to €4.26bn.
At the end of the last year, the bank had 41,349 employees, around 1,700 more than its earlier year’s staff strength.
About 17,251 of these total staff were front-office staff, up 122 during the year.