German bank Commerzbank is to cut over 100 investment-banking related jobs in its New York office as part of its efforts to streamline certain operations in order to focus more on investment banking and boost profitability, according to sources.
The planned realignment of our U.S. business will result in respective headcount reductions.
The move by the part state-owned lender reflects cutbacks at other major banks including Deutsche, as tighter banking rules and a sluggish trading environment continue to impact on the industry’s profits.
Michael Reuther, head of capital markets at Commerzbank, said, “The planned realignment of our U.S. business will ... (read more)