Yahoo Finance Deutsche Bank to axe 18,000 jobs and exit stock trading
Deutsche bank will cut 18,000 jobs worldwide over the next three years as part of its plan to eventually exit all businesses related to the buying and selling of equities.
Staff from Sydney to New York have been cut as the purge begins, the ABC reports.
The German lending giant’s CEO Christian Sewing said in a statement late on Sunday that the move is part of the “most fundamental transformation of Deutsche Bank in decades.”
The headcount cull will result in cutting its global workforce to 74,000 by 2022.
The bank currently has almost 91,500 staff around the world.
Deutsche Bank’s Australian equities to be wound down
Deutsche Bank has confirmed it is winding down its Australian equities division as part of a global restructure but is yet to comment on overall job losses across local operations.
The bank met with its Australian staff on Monday to discuss how the firm's global downsizing plan would affect its local presence.
Deutsche confirmed to AAP its Australian equities division would wind down as part of plans to scrap its global equities business.
Deutsche Bank has been operating in Australia since 1973, with offices in Sydney, Melbourne and Perth.
In Australia, the bank provides services across corporate finance, equities, fixed income, currencies and global transaction banking.
Deutsche's website says its Sydney office has 700 people and is one of its four hubs, including Hong Kong, Singapore and Tokyo, in the Asia-Pacific region.
Deutsche Bank London hit by huge jobs cull
London city traders were left in tears as dozens reportedly cleared their desks at Deutsche Bank’s offices on Monday morning, leaving the office for the last time after the bank slashed thousands of jobs.
One employee told Yahoo Finance UK traders reacted “very badly” as their worst fears of job losses were confirmed, while several men were seen carrying cardboard boxes and plastic bags of possessions out of their London offices.
READ MORE: What’s behind Deutsche Bank’s jobs cull
Much of the workforce was said to be in a bleak mood at the German bank after the announcement of 18,000 looming job losses and the closure of its equity trading division.
The company is understood to have begun making staff redundant today in a first wave of the cull, which could take up to three years.
More to come...
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