Deutsche Bank, the lender exiting Latin American countries including Argentina and Mexico, is planning to cut about half its employees in Brazil as it moves trading elsewhere, five people with knowledge of the decision said.
Bloomberg News reports that at least four directors and a vice president were let go Tuesday, according to two of the people, who asked not to be identified because they’re not authorized to speak publicly on the subject. The bank had 334 employees in Brazil as of December 2014.
Deutsche Bank said in October that it planned to eliminate about 26,000 jobs worldwide over the next two years as part of an overhaul by Co-Chief Executive Officer John Cryan to simplify the lender and improve returns. In addition to Argentina and Mexico, the bank also intends to shut operations in Chile, Peru and Uruguay. Those five nations had a total of 269 employees, according to the firm’s 2014 financial statements.
The firm will keep its Brazil global transaction-banking business, which includes cash management for clients, trade finance and securities services, one of the people said. Also being retained are the domestic asset-management and corporate-finance businesses, the person said, adding that domestic trading operations will move from Brazil to global hubs.
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