Factbox: What Deutsche bankers are saying about the 18,000 global job cuts

HONG KONG (Reuters) – Whole teams within Deutsche Bank AG (DBKGn.DE) have been told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis. People walk past a Deutsche Bank office in London, Britain…

Factbox: What Deutsche bankers are saying about the 18,000 global job cuts

HONG KONG (Reuters) – Whole teams within Deutsche Bank AG (DBKGn.DE) have been told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis. People walk past a Deutsche Bank office in London, Britain July 8, 2019. REUTERS/Simon DawsonThe layoffs began in Sydney on Monday, then spread across the region, taking in the bank’s Hong Kong and Singapore trading hubs before bankers in Europe then reached their offices to find out their fates. The following are quotes from employees leaving the German lender as well as from those who have been told their jobs are safe: “With these kind of cuts in the equities business, you can’t avoid an impact on the investment bank. All the clients here were already asking questions about the changes, and now they will ask questions about the ability to provide truly bespoke service. And it’s not like they don’t have any options in the market,” said a senior Hong Kong-based equity capital markets (ECM) banker, who added he was surprised by the scale of cuts to the bank’s ECM business in Asia. “There is hardly any work getting done today and folks are just mailing or calling friends or headhunters. Half of the floor is gone and others are just waiting to be called in. Some people are saying their byes even before being called in,” said an equities trader in Hong Kong who has spent two years at the bank. The trader said he and his colleagues had been escorted from their meetings with Human Res
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