Deutsche Bank said considering cutting 100 jobs

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Deutsche Bank is considering cutting about 100 jobs in Russia as the country’s economic slump brings dealmaking to a halt, according to people with knowledge of the plan.

Bloomberg News reports that Deutsche Bank, one of the largest foreign securities firms in Russia with about 1,300 people, is weighing cuts across most divisions because trading and advisory work has slowed, said the people, who asked not be identified because the details are private. No final decision has been made and discussions are at an early stage, the people said.

A drop in the price of crude oil, the nation’s biggest export, has exacerbated the impact of international sanctions and high interest rates on Russia’s economy. Deutsche Bank collected about $1m advising on Russian mergers and securities sales in the year through May 31, down from $16m in the year earlier-period, according to data from Freeman, a New York consulting firm.

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Deutsche Bank Said to Consider Cutting About 100 Jobs in Russia

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