The memo to equity sales, sales trading and structuring staff said the move is with “immediate effect”.
A Deutsche Bank spokesman confirmed the contents of the memo.
It follows a detailed review by the trading division of the German lender’s client list “to identify clients with whom it is not strategically viable for us to continue to do business,” according to the memo from Dixit Joshi.
The action is aimed at balancing “risk, revenue and profitability”. The cuts affect institutional client group debt and equity sales, sales trading and equity structuring clients, according to the memo.
This article was published by The Wall Street Journal