The value of City broker Numis has been halved as its US, European and London offices are merged with those of new ower Deutsche Bank, according to a Telegraph report.
Having bought the UK company for £410 million in April 2023, since renaming it Deutsche Numis, the German bank wrote down the value of the subsidiary by €233 million (£200 million).
Finance chief James von Moltke argued at the time that impairment was not a sign that it had overpaid.
Deutsche is closing the UK and European offices of Numis and merging them into its own buildings, with UK staff also moved into its new London office.
A spokesman said the closure of the Numis US operations is because the German bank already has a "dynamic equity platform in the US" and the company remains "fully committed to this business".