Deutsche Bank is slashing jobs at its investment bank ahead of bonus day as it continues to reduce costs after posting three years of consecutive losses.
Reports suggest that the German financial giant is cutting up to 500 positions globally before its bonus payout day on 16 March. The company slashed its bonus pool by more than 75% to €500 million (£442 million) last year as it continued its ongoing drive to return to profitability.
Deutsche reported a worse fourth quarter than expected earlier this month, saying that it would miss its cost-cutting target for this year, sending its shares down.
The latest round of job losses are said to include a number of mid and senior ranking bankers in London and New York, the FT reports. The bank has axed around 3,500 jobs since 2015.
Barclays was reported to be cutting up to 100 senior investment banking staff in January.