Deutsche Wields The Axe In Hong Kong And Beyond

Whole teams of Deutsche Bank employees in Hong Kong have been made redundant as the bank begins massive job cuts across the globe.

Deutsche confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Hong Kong and Sydney among the first to be told their roles would go.

“If you have a job for me, please let me know,” said a banker leaving the Hong Kong office on Monday.

Staff leaving in Hong Kong were holding envelopes with the bank’s logo. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi.

“They give you this packet and you are out of the building,” said one equities trader.

“The equities market is not that great so I may not find a similar job, but I have to deal with it,” said another.

Deutsche Bank plans to close all of its equity trading business and cut some parts of its fixed income operations, in an overhaul expected to lead to 18,000 job cuts.

Cuts were also reported in London, Tokyo, Singapore and among back-office staff in India.

Deutsche spokespeople in Hong Kong and London declined to comment on specific details about the number of departures, but said they would try to support people being made redundant. (Eikon)