Deutsche Bank axes whole teams in Asia-Pacific as 18,000 job cuts begin [Reuters (UK)]
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Source: Reuters
Deutsche Bank axes whole teams in Asia-Pacific as 18,000 job cuts begin - Reuters 4 Min Read SYDNEY/HONG KONG (Reuters) - Whole teams in Deutsche Bank’s ( DBKGn.DE ) 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 ($8.31 billion) and see it dramatically scale back its investment bank - a major retreat after years of working to compete as a major force on Wall Street. 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. 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 Ko
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