German banking giant Deutsche Bank is reportedly downsizing equities team in Latin America and is planning to close its equities business in Chile.
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 two people familiar with the matter.
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However, the bank does not plan to reduce staff in Mexico, a location that it sees as a priority along with Brazil.
The move is part of the bank’s plans to achieve cost savings of EUR4.5 billion annually by 2015.
However, the German bank will continue to invest in other more profitable businesses in Latin America, Bloomberg said.
