Deutsche Bank said to cut jobs in securitized-debt

Axe In Wood

Deutsche Bank, which said it’s planning to reduce its workforce by 26,000 to focus on its most profitable businesses, cut four people in its securitized-debt group in New York, according to people with knowledge of the matter.

Bloomberg News reports that two salesmen and two traders in the bank’s New York office were let go Tuesday, according to people with knowledge of the matter. They were commercial mortgage-bond trader Russell McKay, residential mortgage-bond trader Brian Clark, and structured-products salesmen Patrick Niro and Alexander Maldonado, the person said.

The moves are part of a sweeping strategy to 'cut severely' the bank’s engagement in capital-intensive global markets, co-Chief Executive Officer John Cryan said in a meeting with investors and analysts on October 29.

To access the complete Bloomberg News article hit the link below:

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