Whole teams in Deutsche Bank’s Asian operations were told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.
The German bank launched the restructuring on Sunday in Europe, outlining a plan that will ultimately cost 7.4 billion euros and see it dramatically scale back its investment.
While the bulk of the 18,000 job losses are widely expected to fall in Europe and the United States, on Monday the cuts also hit offices from Sydney to Hong Kong.
As part of the overhaul, the bank will scrap its global equities business and also cut some of its fixed income operations – an area traditionally regarded as one of its strengths
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 had some 4,700 staff in Sydney, Tokyo, Hong Kong and Singapore