Deutsche Bank axes 18,000 jobs in restructuring. More here:
) shares rose on Monday as it launched one of the biggest overhauls of its investment bank since the financial crisis by cutting 18,000 jobs around the world, starting the day with cuts in Asia.
Deutsche Bank gave no geographic breakdown for the job cuts, though the bulk are widely expected to fall in Europe and the United States. The global working day on Monday began with cuts in Sydney, Hong Kong and elsewhere in the Asia-Pacific. Its investment banking team for the Asia-Pacific region had about 300 people before the cuts, of which 10% to 15% will be laid off, almost all in its ECM division, said a senior Asia banker with direct knowledge of the plans.
A Deutsche Bank spokeswoman declined to comment on specific departures, saying the bank would be communicate directly with employees and would be “as responsible and sensitive as possible implementing these changes.” Sewing will represent the investment bank on the board in a shift that illustrates the division’s waning influence.
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