UK Markets closed

Deutsche Bank plans job cuts of at least 10% in rates unit - Bloomberg

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong

(Reuters) - Deutsche Bank AG <DBKGn.DE> said it is considering substantial cuts to the unit that trades interest-rate securities, a division that survived a large-scale pullback as part of the lender's sweeping revamp in July, Bloomberg reported on Monday.

The bank will likely cut a low double-digit percentage of jobs at the business, which employs several hundred staff, Bloomberg said, adding no final decision had been made.

The bank is putting the finishing touches to a review of the unit, which has struggled with low profitability for some time, Bloomberg reported, citing people briefed on the matter.

In a statement, UBS said: "We are committed to a robust and broad-based rates platform and are investing in areas of our rates business where we see opportunities to grow our client franchise."

(Reporting by Anurag Maan in Bengaluru; Editing by David Holmes)