German bank to lay off 47 New York employees

Berenberg Capital Markets, the U.S. division of a German investment bank, is laying off 47 staff members in New York.

It isn’t clear how many people work in Berenberg’s Sixth Avenue office. A spokeswoman didn’t immediately reply to a request for comment. The layoffs take effect Sept. 6, according to a filing with the state Department of Labor.

Hamburg-based Berenberg launched a U.S. equity-capital markets operation four years ago. It has employed about two dozen research analysts who publish market commentary.

Investment-banking revenue is down by nearly 40% this year across the industry amid rising interest rates and a tumbling stock market. Equity-capital markets underwriting revenue is

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