Deutsche Bank to Cut Equities Staff in Latin America in €4.5bn Cost Reduction Plan

German banking giant Deutsche Bank plans to reduce its equities team in Latin America as firms sell fewer shares in the area, according to a report from Bloomberg.

The financial services company is also said to be considering closing its equities business in Chile.

The move is part of the employer's €4.5bn ($6.5bn, £3.7bn) cost reduction programme announced in 2012, according to the same report.

The lender is also cutting staff in equities in Sao Paulo, Santiago and New York.

But the bank has not planned to make any job reduction in Mexico or Brazil and the Frankfurt-based firm will continue investing in more profitable businesses in Latin America.

Deutsche Bank had not responded to a request for comment at the time of publication.