German lender Commerzbank is reportedly seeking to scale down its fixed income and currencies (FIC) business in London due to declining demand.

The move is expected to affect nearly 40 and 60% of the FIC staff in London.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Around half of the bank’s roughly 250 FIC staff in London are expected to be shifted to Frankfurt, according to Reuters.

"An exact number has not yet been decided. Many London-based employees will not want to move to Frankfurt and (will) likely leave the company," Reuters quoted an undisclosed sources as saying.

Tim Seifert, a spokesman for the bank, said: "London remains key to Commerzbank’s international operations and the investment bank’s offering to clients remains unchanged across all asset classes."

Earlier this month, Commerzbank unveiled plans to slash 60 to 70 jobs in its fixed income and currencies (FIC) division in Frankfurt.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In June 2013, Commerzbank revealed plans to slash about 5,200 staff by 2016 to cut costs and boost profit.