Whole teams in its Asian offices have been slashed
Deutsche Bank began slashing 18,000 jobs worldwide yesterday (8 July).
Whole teams in its Asian offices have been slashed, reported Reuters. The layoffs began in Sydney, then moved onto the rest of the region including Hong Kong and Singapore, before going on to Europe and US.
The bank is scrapping two of its major operations, its global equities business and some roles in its fixed income division. Hong Kong has been DB’s equities hub for Asia. Singapore is the APAC hub for its fixed income business.
The global restructuring will continue over the next three years.