(CMR) Deutsche Bank plans to cut up to 500 jobs globally at its investment bank as it looks to keep on top of cost-cutting plans.
The cuts, first reported by Bloomberg, have started with at least 250 going, though it is understood this could widen to 500 in total.
Over the past couple of weeks, the bank has been cutting some senior and mid-level investment banking positions in both the capital and the US, with its 2017 bonus round looming too.
Deutsche Bank declined to comment on the job cuts.
CNN recently reported that Germany's biggest bank said that it had been pushed into the red for a third consecutive year by a €1.4 billion ($1.8 billion) hit from tax changes in the United States. It also reported falling revenues.
Earlier this month, the bank reported its third annual loss in a row, as a previously announced €1.4bn hit from the US tax reforms and a poor investment banking performance, weighed on the lender.
Deutsche Bank reported a net loss of €500m (£438m) for 2017 after taking the charge related to the US changes to cross-border taxation, although corporate tax cuts will benefit future earnings.
Without the charge, the bank would have seen a full-year net income of around €900m. Deutsche Bank isn't expecting the tax reforms to have a significant long-term impact, however.
Corporate and investment banking revenues fell by 16 percent year-on-year in the fourth quarter, with revenues from bonds and currencies dipping by 29 percent.