FRANKFURT (Reuters) - German bank Commerzbank <CBKG.DE> is to cut more than 100 jobs in its New York office as it streamlines certain operations in order to focus more on investment banking, an executive said.
"The planned realignment of our U.S. business will result in respective headcount reductions," Michael Reuther, head of capital markets at Commerzbank, said in an interview published on the company's intranet and seen by Reuters.
The bank will outsource clearing of dollar-denominated business transactions made outside of the United States and will no longer offer structured securities lending and financial solutions.
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That will result in the loss of about 100 back office jobs in New York and over 10 positions at its customer-facing front office, Reuther said.
It will continue to offer dollar-denominated loans and bonds, foreign exchange and other risk management solutions, as well as equity markets access, Reuther said.
The job cuts were first reported by German paper Handelsblatt.
(Reporting by Alexander Huebner; Writing by Victoria Bryan; Editing by Susan Fenton)