In a press release published on Thursday, the bank said it wished to “right-size the expense base in Corporate & Investment Bank” by accelerating the pace of cost reduction across the organisation.

“In connection with the implementation of these plans, the number of full-time equivalent positions is expected to fall from just over 97,000 currently, to well below 90,000. The associated personnel reductions are underway,” the bank said.

It explained that 25% of positions in the areas of equities sales and trading business will be axed. “In cash equities, it will concentrate on electronic solutions and its most significant clients globally,” the statement read.

Deutsche Bank has had a presence in Luxembourg since 1970 where it employs around 430 staff. The bank would not put a number on how many positions in Luxembourg would be affected by the measure, when contacted by Delano. However, a source said that most of the redundancies focused on equities business and are likely to affect London and the US more than Luxembourg.