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Deutsche Bank staff ‘sent home’ as 18,000 job cuts begin – business live

Rolling coverage of the latest economic and financial news, as Germany’s Deutsche Bank begins a deep restructuring that will cost thousands of jobs worldwide

  • Bank employs thousands in the City

In Tokyo, Deutsche Bank staff were summoned to a meeting where senior managers told them the equities trading operation all across Asia would be shut, reports the Financial Times.

The bank’s human resources team started group sessions with affected employees immediately afterwards, with whole teams of equity traders in Tokyo and other Asian locations being dismissed.

When asked about the atmosphere in the office on Monday morning, a Singapore-based employee whose team had not been hit by the cuts said:

“The mood is always depressed in Deutsche. People know the bank is not doing well . . . It’s not like a party”.

Deutsche Bank starts cull of 18,000 jobs

Whole teams in Deutsche Bank’s Asian operations have reportedly been told their positions are being eliminated, as the bank moves swiftly to start axing 18,000 jobs globally

Reuters is reporting that bankers in Sydney got the bad news today.

Deutsche Bank gave no geographic breakdown for the job cuts when it announced the plan on Sunday.

Bankers in Sydney seen leaving the lender’s offices on Monday confirmed they worked for Deutsche Bank and were being laid off, but declined to give their names as they were due to return later to sign redundancy packages.

In Hong Kong, a group of three upset-looking bank employees took a picture of themselves besides a large Deutsche Bank logo outside the lender’s office, hugging each other before hailing a waiting taxi.

One Hong Kong-based equities trader who had been laid off said the mood was “pretty gloomy” as people were called individually to meetings.

Deutsche Bank axes whole teams in Asia-Pacific as 18,000 job cuts begin (Reuters)

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