Berenberg has reportedly cut nearly 55 jobs in London as part of its second round of layoffs in the city this year amid a decline in deal-making business.

The job cuts were carried out across various branches of the German investment bank.

A spokesperson for the bank has verified the news through an emailed statement, Bloomberg reported.

In the statement seen by the new agency, Berenberg managing partner Dave Mortlock said: “Whilst we expect to be more active in 2023, we are realistic about the speed of this recovery.

“As such, we have moved early to ensure our investment bank is right-sized whilst continuing to deliver top-tier service to our institutional and corporate clients.”

The latest move comes after The Telegraph reported in August this year that Berenberg would fire more than 5% of its employees or at least 30 investment banking staffs in London as the fear of a recession looms.

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It represents a reversal of position for the bank that recorded its top most profit last year.

The move also comes shortly after the company slashed its headcount by approximately ten people in New York. The cuts, along with earlier lay-offs, have halved the size of Berenberg’s workforce in the US in the last 12 months.

In the beginning of the year, the bank revealed its plans to add new employees. Despite the plans, the company went on to slash 50 positions in the US and 30 investment banking jobs in London this year.