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Deutsche Bank plans job cuts of at least 10% in rates unit - Bloomberg

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10/21/2019 | 01:33pm EST
FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong

(Reuters) - Deutsche Bank AG said it is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender's sweeping revamp in July, Bloomberg reported on Monday.

The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, Bloomberg said, adding no final decision had been made.

The bank is putting the finishing touches to a review of the unit, which has struggled with low profitability for some time, Bloomberg reported, citing people briefed on the matter.

In a statement, UBS said: "We are committed to a robust and broad-based rates platform and are investing in areas of our rates business where we see opportunities to grow our client franchise."

(Reporting by Anurag Maan in Bengaluru; Editing by David Holmes)

Stocks treated in this article : UBS Group, Deutsche Bank AG
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG 0.34% 6.575 Delayed Quote.-5.63%
UBS GROUP 1.04% 12.095 Delayed Quote.-2.17%
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