Commerzbank Set To Axe Over 100 New York Jobs
- The German lender is due to cut more than 100 investment-banking jobs in a move designed to cut costs and boost profitability.
German bank Commerzbank is to cut over 100 investment-banking related jobs in its New York office as part of its efforts to streamline certain operations in order to focus more on investment banking and boost profitability, according to sources.
The planned realignment of our U.S. business will result in respective headcount reductions.
The move by the part state-owned lender reflects cutbacks at other major banks including Deutsche, as tighter banking rules and a sluggish trading environment continue to impact on the industry's profits.
Michael Reuther, head of capital markets at Commerzbank, said, "The planned realignment of our U.S. business will result in respective headcount reductions," in an interview published on the company's intranet, according to Reuters.
Last year, Commerzbank said it would bundle investment banking activities in certain locations it dubbed centers of competence.The current cuts are said to affect about 100 back-office and roughly 10 front-office jobs.
As a result of the cutbacks, Germany's second-largest lender by market capitalisation will outsource the clearing of non-U.S. commercial Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to U.S. banks and stop its securities lending as well as structured finance business in the U.S.
Mr. Reuther stressed however that "North America is and will remain an important international hub for Commerzbank" with the New York office being critical for services for U.S. corporate and institutional clients. "We will continue to provide products such as U.S. dollar loans and U.S. dollar bonds, foreign exchange and other Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions, as well as equity markets access to our clients."
German bank Commerzbank is to cut over 100 investment-banking related jobs in its New York office as part of its efforts to streamline certain operations in order to focus more on investment banking and boost profitability, according to sources.
The planned realignment of our U.S. business will result in respective headcount reductions.
The move by the part state-owned lender reflects cutbacks at other major banks including Deutsche, as tighter banking rules and a sluggish trading environment continue to impact on the industry's profits.
Michael Reuther, head of capital markets at Commerzbank, said, "The planned realignment of our U.S. business will result in respective headcount reductions," in an interview published on the company's intranet, according to Reuters.
Last year, Commerzbank said it would bundle investment banking activities in certain locations it dubbed centers of competence.The current cuts are said to affect about 100 back-office and roughly 10 front-office jobs.
As a result of the cutbacks, Germany's second-largest lender by market capitalisation will outsource the clearing of non-U.S. commercial Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to U.S. banks and stop its securities lending as well as structured finance business in the U.S.
Mr. Reuther stressed however that "North America is and will remain an important international hub for Commerzbank" with the New York office being critical for services for U.S. corporate and institutional clients. "We will continue to provide products such as U.S. dollar loans and U.S. dollar bonds, foreign exchange and other Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term solutions, as well as equity markets access to our clients."