Berenberg Cut 124 Jobs Last Year as Deals Plunged to Decades Low

Joh Berenberg, Gossler & Co. KG, the privately owned wealth manager and investment bank based in Hamburg, eliminated 7% of its headcount last year amid a severe drought in deals.

The volume of deals it worked on plunged 85% to €4.7 billion ($5.1 billion) in 2022 as capital markets activities hit the “lowest level in decades,” the German firm said in a statement Monday. It reacted by cutting 124 jobs, most of them in investment banking and the US.

Berenberg stunned staff late last year when it told them to brace for dismal bonuses and proceeded to cut about half ...