Deutsche Bank says to slash 18,000 jobs by 2022

Deutsche Bank to cut 18000 jobs over three years

Deutsche Bank to cut 18000 jobs over three years

The Sydney Morning Herald reports at least 50 jobs are expected to be axed from the Sydney office in the preliminary "reinvention" stages, however, it is unclear if jobs will be cut at the other Australian offices in Melbourne and Perth. However, the fact that its share price was up around the €40 mark less than 10 years ago shows the problems that have beset the bank in the decade since the financial crisis.

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 now has nearly 91,500 staff around the world.

As part of the restructuring, Deutsche Bank will be cutting the number of full-time positions by 18,000 to 74,000 by 2022.

Deutsche Bank, which has come under recent scrutiny over its business relationship with Donald Trump, would not reveal how many staff in its United Kingdom operations would be out of work in the latest round of redundancies, although the numbers are expected to be significant as London - where the bank is in the process of constructing a new headquarters - is one of of the lender's largest bases with around 8,000 staff.

The Telegraph's banking editor Lucy Burton wrote on Twitter today: 'Some Deutsche Bank staff in London told they have until 11am to pack up their stuff, just hours after the overhaul was announced.

Shares in Deutsche Bank, which has nearly 91,500 staff around the world, were slightly lower in Frankfurt as the bank's finance chief said there was "significant uncertainty" whether it would break even in 2020.

Annecke cautioned that forgoing a capital increase would burden the bank's earning power for years to come and "shareholders will need to maintain their patience".

Staff leaving in Hong Kong were holding envelopes with the bank's logo.

"They give you this packet and you are out of the building", said one equities trader. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi. They also received details of their redundancy packages.

Speaking outside the bank's office, one employee told Reuters the cuts had been anticipated for weeks.

For those losing their jobs in equities, finding a new one could prove hard, with the industry still grappling with higher costs from new European regulations on share trading.

Few staff wanted to speak outside the bank's London office, but trade was picking up at a nearby pub around lunchtime.

The move, equivalent to 20% of the bank's workforce, comes after chief executive Christian Sewing flagged an extensive restructuring in May, when he promised shareholders "tough cutbacks" to the investment bank and that he would push ahead with a further €1bn (£880m) in cuts this year.

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