FRANKFURT—Germany's Commerzbank AG is cutting more than 100 investment banking-related jobs in its New York office as part of its efforts to streamline its operations and boost profitability, according to an internal memo seen by The Wall Street Journal.

The move by the partially state-owned lender mirrors cutbacks at other big banks as tighter banking rules and a sluggish trading environment continue to weigh on the industry's profits.

Commerzbank early last year said it would bundle investment banking activities in certain locations it dubbed centers of competence.

"We are now consequently following this strategy with the realignments of our organizational setup in North America," said Michael Reuther, head of the lender's investment banking operations.

Write to Eyk Henning at eyk.henning@wsj.com

(END) Dow Jones Newswires

June 30, 2016 15:55 ET (19:55 GMT)