October 21, 2019 / 3:13 PM / a month ago

Deutsche Bank plans job cuts of at least 10% in rates unit - Bloomberg

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo

(Reuters) - Deutsche Bank AG (DBKGn.DE) said it is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender’s sweeping revamp in July, Bloomberg reported on Monday.

The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, Bloomberg said, adding no final decision had been made.

The bank is putting the finishing touches to a review of the unit, which has struggled with low profitability for some time, Bloomberg reported, citing people briefed on the matter.

In a statement, UBS said: “We are committed to a robust and broad-based rates platform and are investing in areas of our rates business where we see opportunities to grow our client franchise.”

Reporting by Anurag Maan in Bengaluru; Editing by David Holmes

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