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Berenberg shuts US research team, cutting 20 front-line jobs

The German bank will use its European team to carry out research on US firms

Berenberg makes 'difficult decision' to cut costs
Berenberg makes 'difficult decision' to cut costs Photo: Krisztian Bocsi/Getty Images

German bank Berenberg has closed its US mid-cap research team in New York, a move that will affect about 20 people.

The bank announced the plans to staff in a memo seen by Financial News, and now has around 40 employees across the US, largely focused on selling its European research to US clients.

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