Deutsche Bank mulls more cuts at investment bank across trading businesses

The logo of Deutsche Bank is seen at its headquarters ahead of the bank's annual general meeting in Frankfurt, Germany
Deutsche Bank AG is conducting a fresh review of its investment bank that could lead to deeper cuts across the trading businesses, according to sources.

The bank’s US operations are a particular focus, though the review stretches across the firm’s global trading unit, sources said. Europe’s largest investment bank is examining businesses where it’s trailing competitors to determine if it should try to win back market share or exit, they said.

Senior executives plan to complete the review, dubbed “Project Colombo,” within weeks, before deciding where to cut and where to invest, said two people. A spokeswoman for Deutsche Bank declined to comment.

As part of the review, cuts are being discussed at both big trading businesses — equities as well as fixed income, currencies and commodities — because they are expensive and haven’t performed well, said one person. However, the extent of a potential retrenchment is unclear because many traders just got big bonuses in an effort to retain top performers, this person said.     Bloomberg