(Adds number of jobs cuts)
LONDON/FRANKFURT, Nov 6 (Reuters) - Berenberg is laying off about 100 equities traders, back-pedalling from an expansion of its equities sales and trading, research and corporate finance activities, Germany’s oldest bank said on Tuesday.
“After many years of successful growth and a planned Autumn 2018 review of our structure, we are re-setting equities headcount back to the beginning of 2017,” Berenberg said in a statement.
The bulk of the bank’s equities traders are based in London.
Hundreds of UK-based finance jobs have been shifted or created overseas as Britain prepares to leave the European Union, but Berenberg made no reference to Brexit in announcing its move.
Brokers are also under pressure from new regulations dubbed Mifid II, which requires fund managers to pay a fee for research from banks they previously got free.
The bank said that in the first half of 2018 it gained market share in cash European equities and equity capital markets.
Berenberg currently employs about 1,600 staff, up by about 100 jobs from 2016. (Reporting by Lawrence White, Arno Schuetze, Andreas Framke; Editing by Adrian Croft)