At least four directors and one vice president were laid off yesterday, according to sources cited by Bloomberg.
In October, Deutsche Bank said it intended to cut about 26,000 jobs around the world in the next two years as part of co-CEO John Cryan's strategy to revamp the firm and boost returns.
The bank will retain its global transaction-banking business in Brazil, such as its cash management for clients, trade finance and securities services, Bloomberg noted.
The firm will also maintain its domestic asset management and corporate finance units, but the domestic trading operations will be moved to global hubs from Brazil.
Deutsche Bank's workforce in Brazil totaled 334 as of December 2014, Bloomberg added.
The Frankfurt-based investment bank offers a range of products and services in investment, corporate and retail banking and asset and wealth management.
Separately, TheStreet Ratings Team has a "sell" with a ratings score of D+.
This is driven by some concerns, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: DB