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The move was communicated to the U.S. staff on Wednesday, the source said, requesting anonymity as the matter is confidential, calling it an annual exercise to manage the number of bankers without specifying the number of jobs slashed.
Investment bankers were awash with deals in 2021 but have seen few this year as companies halt buyouts and listings amid volatility in the capital markets, tensions between the United States and China, and the Russia-Ukraine war.
The job cuts affected mostly junior bankers, Bloomberg News and the New York Post reported earlier on Thursday.
Last month, Wall Street’s premier investment bank Goldman Sachs Group Inc (NYSE:GS) said it planned to cut jobs, after pausing the annual practice for two years during the pandemic, a source familiar with the matter told Reuters at the time.
A Deutsche bank spokesperson declined to comment.
