Deutsche Bank is closing its U.S. swaps-clearing business as part of an overhaul of its investment bank. The closure, effective immediately, is part of the bank’s broad restructuring aimed at simplifying operations and pulling back from some that are too costly under stiffer capital rules. The bank is yet to make an official announcement in this regard. Deutsche Bank is in the process of eliminating 9000 jobs to raise profitability and capital levels eroded by fines and other legal costs. The move will reduce headcount in the fixed-income division by as much as 6% and in the equities unit by as much as 17%, according to analysts.
