Deutsche Bank layoffs, Deutsche Bank workers leave with belongings, Bank trims staff from NYC to Bangalore, careers end with an envelope & a hug. Deutsche Bank informed hundreds of staff during short meetings that their positions were being cut.
Deutsche Bank confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go. For Deutsche Bank veterans, last weekend was the moment that Germans took back control of their nation’s largest lender.
Deutsche Bank boss Christian Sewing took over as Deutsche Bank’s chief executive last year, the writing was on the wall for the German lender’s investment bank. Sewing has spent most of his near 30-year career at Deutsche working in commercial banking, audit and risk – not on the trading floor of the investment bank that grew to dominate the company in the 2000s and became a costly burden.
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. Speaking outside the bank's office, one employee told Reuters the cuts had been anticipated for weeks.
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. As retail banking head, Sewing showed no squeamishness about cutting more than 3,000 jobs and closing hundreds of branches. On taking over as chief executive, he set about cutting jobs across the bank as well as banning first-class train tickets and scrapping daily office fruit bowls.
In recent years, Deutsche has been pummeled by scandals, investigations and massive fines resulting from crisis-era infractions. It reached a $7.2 billion settlement with the U.S. Justice Department in January 2017 for allegedly misleading investors in the sale of mortgage-backed securities in the lead-up to the 2008 financial crisis.