Deutsche Bank cut its credit sales teams in Chicago and San Francisco as Europe’s largest investment bank pulls back from less profitable fixed-income businesses, according to two people with knowledge of the matter.
Bloomberg News reports that salesmen James Grieco, Jared Dolce and Matt Delduchetto were let go in Chicago, while Benjamin Ginsberg, Pete Lukowitsch and Gloriane Mac left the bank’s office in San Francisco, said the people, who asked not to be identified because they weren’t authorized to speak publicly.
The cuts at Deutsche Bank follow its decision to pull back in credit derivatives in November. The move also comes as the three largest U.S. banks reported a slump in fourth-quarter trading revenue. JPMorgan, Bank of America and Citigroup posted their worst combined quarterly trading revenue since 2011, led by a 23% drop in fixed-income, currencies and commodities trading.
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