Deutsche Bank overhaul to cost 18,000 jobs
Entire teams of bankers around the world have found their jobs dissolved this week, as one of the world’s best known banks began a wide-ranging restructure of its global operations.
Almost 20% of Deutsche Bank’s 92,000-strong staff have or will be retrenched as part of the exercise, which is expected to cost EUR 7.4 billion (US$8.3 billion).
The bank’s entire global equities business has been abandoned, along with some fixed income investment operations.
While the job cuts are likely to fall heavier on Deutsche Bank’s natural strongholds of Europe and the US, Asian operations are likely to be affected. The group’s Hong Kong office, which housed its Asia equities division, is expected to be far smaller in the aftermath.
Up to 15% of the company’s Asia-Pacific investment banking team could be retrenched, the Straits Times has reported.
Across offices in Sydney, Singapore, and Hong Kong, Deutsche Bank had 4,200 staff prior to Sunday’s restructure announcement.