Deutsche Bank to cut 75 global mar­kets jobs

The Pak Banker - - FRONT PAGE -

Deutsche Bank is set to cut around 75 jobs within its global mar­kets divi­sion in Lon­don and New York, ac­cord­ing to one per­son with knowl­edge of the in­for­ma­tion. The cuts will fall pre­dom­i­nantly within the bank's fixed in­come and cur­ren­cies sales and trad­ing busi­ness, the source said. Staff are be­ing no­ti­fied to­day, the source said. "We are re­struc­tur­ing our FIC busi­ness to make it more suited to fu­ture mar­ket de­mand," a spokesper­son for Deutsche said in a state­ment. The lat­est round of cuts come af­ter a se­ries of pre­vi­ous re­struc­tur­ing pro­grammes at the Ger­man bank over the last few years.

Mean­while, Deutsche Bank has ap­pointed Ja­mal Al Kishi as its chief ex­ec­u­tive for Middle East and Africa and Salah Jaidah as chair­man for Middle East and North Africa (Mena), the len­der said Tues­day. Al Kishi, who will re­main CEO of Deutsche Se­cu­ri­ties Saudi Ara­bia, will re­place Ashok Aram with im­me­di­ate ef­fect. Aram has re­lo­cated to Frank­furt to be­come the chief ex­ec­u­tive for Europe, Middle East and Africa, ex­clud­ing Ger­many and the UK, the bank said in an emailed state­ment.

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