Commerzbank’s securities lending and collateral management business is being “realigned and adapted”, the firm said on Tuesday, in response to “changing market conditions.”
The eastern European lender said it had decided to stop offering certain products and services in the US, as they no longer form part of its local strategic offering for clients.
“This affects the securities lending business and structured financing solutions,” it added.
Around 100 back office support jobs will be axed in New York, the bank confirmed. Job cuts in the front office will be in the low double digits.
The full Global Investor article is available here.
