Dubai - Mubasher: Deutsche Bank is set to shut down its equity research department in the Emirate of Dubai as part of a comprehensive restructuring plan, informed sources said.
The number of analysts to be laid off was not defined, Bloomberg News reported, citing sources as saying.
The German bank’s spokesperson declined to comment on the matter.
Earlier in May, Deutsche Bank unveiled plans to cut over 7,000 jobs as part of its lender’s revamp strategy, reducing the lender’s staff to 90,000 from 97,000.
The decision marks the first major move by its new CEO, Christian Sewing, to trim costs and restore profitability after years of false starts, Reuters reported, citing the bank’s statement.
