Deutsche Bank Reduces Investment Bank, Research Teams in Brazil
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Deutsche Bank AG, Germany’s largest lender, reduced employees in its Brazilian investment bank and research units as part of a global effort to save 4.5 billion euros ($5.8 billion) by 2015.
Deutsche Bank is cutting its workforce in Latin America’s largest country to “seek improvement of its operational excellence,” the Frankfurt-based lender said today in an e-mailed statement. The bank, which has about 400 employees in Brazil, including workers from outsourcing services, didn’t say how many people were fired.