Berenberg Pares NY Staff, Taking US Job Cuts to 50% in 12 Months

Berenberg has laid off about 10 employees in New York, cutting the German investment bank’s headcount in the country by half over the past 12 months in a dramatic reversal of its previous growth plans.

The staff worked for Berenberg’s US unit and they left in recent days, a spokesperson said in an emailed statement. Most of them worked in support functions, said the spokesperson, who declined to comment further.

The number of US-based employees is now down to about 75 from 156 at the end of last year, marking a change of fortunes for the more than 430-year-old firm, ...