Layoffs Watch '15: Deutsche Bank Kicks Off "Severe" Cuts With Bond Traders

Cuts are said to have begun in New York.

Deutsche Bank AG (NYSE: DB), which said it’s planning to reduce its workforce by 26,000 to focus on its most profitable businesses, cut four people in its securitized-debt group in New York, according to people with knowledge of the matter...The moves are part of a sweeping strategy to “cut severely” the bank’s engagement in capital-intensive global markets, co-Chief Executive Officer John Cryan said in a meeting with investors and analysts on Oct. 29. [Bloomberg, earlier]