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Deutsche Bank begins 18,000 job cuts in ‘fundamental transformation’ of bank

Staff at Deutsche Bank are being told to leave as early as today in a swingeing round of job cuts by the bank.

The job losses were officially announced on Sunday after reports emerged of a major restructuring plan to improve profitability.

The first areas to fall will be its global equities business and part of its fixed income operations.

A clear geographic breakdown of where the cuts will fall has yet to be presented, but reports have emerged of staff leaving offices in Sydney, Hong Kong and elsewhere in the Asia-Pacific already as they started the Monday morning shift.

Reuters reports bankers leaving Deutsche’s Sydney office had been told they had been cut, departing the office before returning later to look at redundancy packages.

A source tells the news agency that the equity capital markets team in Australia was being broken up, along with several sales and trading teams, with equity capital markets headcount across the wider Asia-Pacific region also being wound down.

The reduction programme is expected to cost Deutsche €3bn (£2.7bn) in the second quarter of 2019, with a total of €7.4bn expected to be spent by the end of 2022.

In Sunday’s statement to staff chief executive Christian Sewing said: “After further stabilising our bank last year, we are now entering the next phase – and that means nothing less than a fundamental transformation of our bank.

“First let me say this: I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again.”

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