Deutsche Bank AG eliminates whole teams at its Asian operations, as the German lender begins axing 18,000 jobs globally
The financial district with the headquarters of Germany's largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt, Germany, January 29, 2019.
Deutsche Bank gave no geographic breakdown for the job cuts, though the bulk are widely expected to fall in Europe and the United States. Deutsche had some 4,700 staff at its main regional offices in Sydney, Tokyo, Hong Kong and Singapore, showed factsheets on its website. Several workers were seen leaving the offices holding large envelopes with the bank's logo. Three employees took a picture of themselves beside a large Deutsche Bank logo outside and hugged each other before hailing a taxi.
The bank will set up a so-called bad bank to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.
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