(Reuters) – Deutsche Bank AG <DBKGn.DE> said it is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender’s sweeping revamp in July, Bloomberg reported on Monday.
The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, Bloomberg said, adding no final decision had been made.
The bank is putting the finishing touches to a review of the unit, which has struggled with low profitability for some time, Bloomberg reported, citing people briefed on the matter.
In a statement, UBS said: “We are committed to a robust and broad-based rates platform and are investing in areas of our rates business where we see opportunities to grow our client franchise.”
(Reporting by Anurag Maan in Bengaluru; Editing by David Holmes)