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Deutsche Bank cuts staff
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February 26, 1998: 4:19 p.m. ET
Securities arm's North American work force losing 100 workers, or 9 percent
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NEW YORK (CNNfn) - Deutsche Morgan Grenfell become the latest securities firm on Wall Street to scale back its work force.
The investment arm of Deutsche Bank has laid off about 100 employees, or 9 percent, of its North American staff, a company spokeswoman said. Notices were sent out at the beginning of the week.
The layoffs were part of an overall restructuring program announced by the parent company Jan. 28. As previously planned, the investment firm will be combined with the parent's commercial bank operations and will be renamed Deutsche Bank, effective April 1.
Shortly after the January announcement, a top official said Deutsche Bank is targeting 9,000 job cuts worldwide over a three-year period. About 5,000 layoffs will be in Germany with the remaining 4,000 in North America and Asia.
Deutsche Morgan Grenfell's move is just one in a series by securities firms to reduce costs and re-allocate resources. J.P. Morgan, Chase Manhattan, Citicorp and Salomon Smith Barney already have made similar cutbacks this year. Others, such as UBS Securities, are said to be considering layoffs.
Deutsche Morgan Grenfell said the latest reductions span various departments, including corporate finance, fixed-income and equities.
About 60 U.S. positions were affected and 40 came from Canada.
In addition, the investment firm has closed its Canadian offices in Vancouver and Calgary. No offices in the U.S. were affected.
-- by staff writer Robert Liu
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Deutsche Bank
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