LONDON: Germany's largest lender Deutsche Bank is trimming its equities team in Latin America and is considering shutting its equities business in Chile, Bloomberg reported on Wednesday citing two people familiar with the matter.
The bank is trimming headcount in locations that serve Latin America such as Sao Paulo and Santiago as well as New York, Bloomberg reported citing sources.
No details on the number of staff to be cut were reported.
However the bank does not plan to cut jobs in Mexico, a location it considers a priority along with Brazil, Bloomberg said citing one of the sources.
The company will continue to invest in more profitable businesses in Latin America, Bloomberg said.
Deutsche Bank could not immediately be reached for a comment outside regular business hours.
The bank has made 2014 a make or break year as it cuts costs, slashes its balance sheet and works through a long list of scandals. (Reuters)