Job cuts begin as Deutsche Bank scales back business

The massive overhaul will see Deutsche Bank slash 18,000 jobs as it scraps its global equities business and cuts some of its fixed-income operations.
The massive overhaul will see Deutsche Bank slash 18,000 jobs as it scraps its global equities business and cuts some of its fixed-income operations.PHOTO: REUTERS

Deutsche Bank's axe swung from Sydney to London yesterday as it began laying off staff around the world under a €7.4 billion (S$11.3 billion) restructuring plan.

The massive overhaul will see Germany's biggest lender slash 18,000 jobs as it scraps its global equities business and cuts some of its fixed-income operations.

In Asia, the axe may thus fall harder in Hong Kong than Singapore, given that Hong Kong is the investment bank's Asia equities hub. Singapore is its Asia-Pacific hub for fixed-income and currencies business.

Employees in Hong Kong and London were seen leaving their offices holding large envelopes that reportedly contained layoff packages.

A Deutsche Bank spokesman in Singapore declined to comment on specific departures, adding the bank would be communicating directly with staff.

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A version of this article appeared in the print edition of The Straits Times on July 09, 2019, with the headline 'Job cuts begin as Deutsche Bank scales back business'. Print Edition | Subscribe