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Deutsche’s Onslaught of Layoffs Have Already Started in Asia

By Cathy Chan , Sofia Horta e Costa , and Chanyaporn Chanjaroen
July 8, 2019, 4:02 AM EDT Updated on July 8, 2019, 4:46 AM EDT

Deutsche Bank AG began winding down its equities business from Sydney to Mumbai on Monday, a day after the beleaguered German firm unveiled a sweeping overhaul of its operations.

The bank cut about half its equities staff in Asia and plans to reduce the group by another 25% within a month, a person familiar with the matter said, adding that a majority of the region’s equity capital market bankers have been laid off. Deutsche Bank will stagger further cuts through the end of the year, said the person, who asked not to be named because the details aren’t public.

A spokeswoman for Deutsche Bank declined to comment.

Germany’s biggest bank said on Sunday that it would exit its global equities business and slash 18,000 jobs by 2022. The changes are part of Chief Executive Officer Christian Sewing’s plan to reverse a slide in profitability and deliver returns to long-suffering shareholders.

Imagine the howls emanating from Wall Street if the US sought to re-enact Glass-Steagall provisions in banking.
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