Deutsche Bank is cutting staff in Chicago

By BLOOMBERG

NEW YORK • Deutsche Bank AG is cutting dozens of employees and consolidating space at its Chicago office as part of a broader plan to shrink US operations, according to people briefed on the matter.

The German lender’s Chicago office — which houses units including front-office trading, operations and treasury — will be reducing headcount, said the people, who asked not to be identified discussing personnel matters. Some operations staff are being offered the choice of losing their jobs or relocating to Jacksonville, Florida, the people said.

Troy Gravitt, a spokesman for the bank, declined to comment on the firm’s plans for the office. Operations functions hosted there include those for listed derivatives and supporting trading at the Chicago Mercantile Exchange and Chicago Board of Trade. Corporate finance and corporate banking teams weren’t impacted by the cuts and will maintain a sizeable presence in the city.

Earlier this year, Deutsche Bank announced it would scale back its US operations, as new CEO Christian Sewing attempts to retrench following years of scandals and poor performance. The bank has considered cutting as many as 20% of its US employees, and is planning to reduce its rates sales and trading business in the region.

The firm in May told staff it was shutting its Houston office and is moving its New York headquarters from Wall Street to Midtown, slashing its footprint in the city by 30%.