The TRADE 56 - Page 10

BUY-SIDE NEWS EQUITIES AXA IM restructuring to cut 210 jobs AXA Investment Managers is set to slash 210 jobs globally this year as part of compa- ny-wide restructure to streamline the firm. The €745 billion asset manager laid out plans to focus on client relationships through a segmented approach, which includes a new management team and plans to invest around €100 million to fuel its development as a long-term active asset manager. Legal & General Investment Management CEO to retire The chief executive of Legal & General Investment Management (LGIM) has an- nounced plans to retire in August next year after seven years in the role. Mark Zinkula was appointed CEO of LGIM in March 2011, and joined the group board of Legal & General in September the following year. Prior to that, he was appointed CEO of LGIM America in 2008, tasked with the expand- ing the company’s presence in the region. Buy-side bearish on unbundling post-MiFID II Asset managers are generally nega- tive about the effects of unbundling re- quirements under MiFID II, according to a new survey from RSRCHXchange. A poll of 418 fund managers globally, repre- senting more than $30 trillion in assets under management, found that over 80% of respon- dents outside of Europe believe unbundling is a bad thing for brokers, while 66% agree it is also a bad thing for asset managers. 10 // TheTrade // Summer 2018 Deutsche Bank cuts one-quarter of equities staff in major restructuring D eutsche Bank has confirmed plans to cut around 25% of staff in its equities sales and trading business as part of a major overhaul across the bank, as it seeks to halt a continued decline in fortunes. The significant scale back in equities is part of plans to reduce the bank’s leverage exposure by €100 billion, or 10%, according to a statement re- leased ahead of the bank’s annual general meeting. Germany’s largest bank added that at least 7,000 jobs will be cut from across the business globally, bringing its total headcount from 97,000 to below 90,000. The cuts, which are already underway, are expected to be finalised by the end of this year. “We remain committed to our corporate & invest- ment bank and our international presence – we are unwavering in that,” said recently appointed chief executive at Deutsche Bank, Christian Sewing. “We are Europe’s alternative in the international financ- ing and capital markets business. However, we must concentrate on what we truly do well.” Sewing was appointed CEO of the investment bank earlier this year amid a period of turbulence including the dismissal of incumbent chief execu- tive John Cryan who held the role for less than three years. Deutsche Bank reported its third consecutive annual pre-tax loss of €1.3 billion for 2017. In a statement immediately following Sewing’s appointment, he paved the way for a major shake-up of the business by stating that under his leadership the senior management team will no longer accept ‘damaging’ cases where targets for costs and reve- nues have been missed in the past. “The challenge ahead is a big one for all of us,” Sewing sa id. “We all know and sense how fast our industry is changing. The time pressure is on and the expectations are high from all sides… Therefore we’ll thoroughly analyse how we want to position this pillar of our bank in a difficult market environment.”