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Bankers sent home as Deutsche starts slashing jobs

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Deutsche Bank has made the first of the 18,000 job cuts announced on Sunday as part of a radical reorganisation.

Staff working in share trading in London, New York and Tokyo were told that their jobs were going.

In London, some staff stayed away from work after being told their passes would stop working at 11:00.

A spokesperson said the aim of the changes, which will shrink its investment banking business, was to make the bank “leaner and stronger”.

Deutsche Bank is yet to specify the details of the job cuts, but it will pull out of activities related to trading shares, much of which takes place in London and New York.

Deutsche Bank’s equities business in Asia is managed out of Hong Kong, but a spokesperson declined to comment on the impact the bank reorganisation would have on job numbers in Asia.

SourceBBC NEWS

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