NEW YORK: Deutsche Bank is planning cuts at its U.S. equities business, including prime brokerage and equity derivatives, to win over shareholders unhappy about its performance, four sources familiar with the matter told Reuters.
The bank had previously denied reports it planned a further U.S. restructuring, saying in a memo to staff last month that it was"firmly committed" to its U.S. franchise. The business last year eked out a slender 1per cent return on equity, an important profitability yardstick, trailing the 16per cent at JPMorgan Chase's investment bank.
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