Deutsche Bank is slashing 18,000 jobs.
Deutsche Bank laid off staff Monday as it began cutting 18,000 jobs as part of an $8.3 billion"reinvention."
Chief Executive Christian Sewing told journalists from the bank's London office, where many of the cuts are expected, that he was"doing nothing short of reinventing" Deutsche Bank, which will have been in the red for four out of the past five years as it dealt with a series of setbacks. Ratings agency Moody's said Deutsche Bank faced"significant challenges" to executing the plan swiftly and said it would keep its negative outlook on the bank.
In Sydney, Hong Kong and elsewhere in the Asia-Pacific region the working day began with cuts and several Deutsche bankers said entire teams in sales and trading were going. Deutsche had some 4,700 staff at its main regional offices in Sydney, Tokyo, Hong Kong and Singapore, fact sheets on its website showed.
"We are creating a bank that will be more profitable, leaner, more innovative and more resilient," Sewing wrote in a note sent to staff on Sunday.
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