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.

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.

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