Deutsche Bank cuts London-based emerging markets M&A team

FRANKFURT: Deutsche Bank is cutting a team of 10 investment bankers in London focused on deals in emerging markets, a person familiar with the matter said on Friday.

The team, led by 18-year Deutsche veteran Philipp von Danwitz, learned of the cuts this week, the person said, who spoke on condition of anonymity.

They worked on mergers and acquisitions in central and eastern Europe, the Middle East, and Africa.

They are just a handful of the 600 bankers let go so far over recent weeks since Christian Sewing took over as the German lender's chief executive officer. He is aiming to reduce global staff by more than 7,000.

A spokesman for Deutsche Bank declined to comment.

Financial News first reported the dismissals.