Deutsche Bank slashes fixed income -- 75 jobs cut in London and New York

Deutsche Bank is cutting 75 jobs in its global markets division, split between London and New York.

The cuts are in the bank’s fixed income trading unit, which deals with products such as bonds and interest rate swaps. Those affected are being notified today.

“We are restructuring our FICC business to make it more suited to future market demands,” a Deutsche Bank spokesman said.

The bank’s global markets division employs about 4,800 people world-wide.

A combination of increased regulatory costs, competition from US banks and volatile markets has made traditional investment banking business models less profitable.

Deutsche Bank last month announced a loss of $7.4 billion (£5.1 billion) for 2015 and the Frankfurt, Germany-based firm’s share price reached record lows after the release.

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