German lender Commerzbank is reportedly slashing 60 to 70 jobs in its fixed income and currencies (FIC) division in Frankfurt.
The FIC unit is part of Commerzbank’s investment banking division, which altogether employs roughly 1,800 staff.
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The bank is offering severance packages and is aiming to carry out redundancies through voluntary layoffs, a spokeswoman of the bank told Reuters.
"Fixed Income and Currencies remain an integral part of our investment banking operations. Our offering to our clients remains unchanged," the spokeswoman said.
"Offers like this enable us to react flexibly to customer demand and market changes," she said, without confirming the precise number of planned cuts.
Last year, Commerzbank combined the sales and trading arms of its fixed income and currencies business.
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