Investment Banking

Berenberg cuts 50 jobs in New York amid weaker markets

Berenberg is cutting its coverage of US stocks to five sectors — economics, real-estate investment trusts, healthcare, industrials and technology — down from seven previously

Berenberg is coming off a record year for its investment bank, where dealmaking fees and equity trading revenue hit €471.6m, which was an increase of 35%
Berenberg is coming off a record year for its investment bank, where dealmaking fees and equity trading revenue hit €471.6m, which was an increase of 35% Photo: Bloomberg via Getty Images

German bank Berenberg has laid off around 50 people in its New York office in the latest sign that investment banks are preparing for cuts after a slowdown in revenue.

The bank, which has been expanding its operations in the US as part of a broader push within its investment bank, is rolling out cuts that will affect around a third of its employees in the country — or 50 people — according to people familiar with the matter.

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