German banking major Deutsche Bank has started to cut at least 250 investment banking jobs, according to the people aware of the matter.

The number of layoffs can increase up to 500.

The bank decided to reduce its workforce in an attempt to address its growing expenses.

In the last two weeks, Deutsche Bank carried out selected cut in the senior and mid-level investment banking positions at its UK and US offices to reduce redundancy.

Besides these regions, lay-offs from other regions were also reported.

Earlier this month, the bank confirmed that its Asia head of financial sponsors Mohamed Atmani would leave the bank.

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Further cuts are also anticipated in Deutsche’s debt capital markets business in Birmingham.

The move follows the Deutsche Bank announcement where its revenues in its investment bank slipped by 15% to €14.23bn last year, while the compensation and benefits soared by 8% to €4.26bn.

At the end of the last year, the bank had 41,349 employees, around 1,700 more than its earlier year’s staff strength.

About 17,251 of these total staff were front-office staff, up 122 during the year.

Last month, Deutsche Bank booked a non-cash tax charge of nearly €1.5bn in its fourth quarter following the US government decision to slash federal tax rate to 21% from 35%.

The changes in the tax slabs reduced the value of the German bank’s deferred tax assets.