Whole teams within Deutsche Bank AG have been told their positions were gone on ...
) have been told their positions were gone on Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.The layoffs began in Sydney on Monday, then spread across the region, taking in the bank’s Hong Kong and Singapore trading hubs before bankers in Europe then reached their offices to find out their fates.
“There is hardly any work getting done today and folks are just mailing or calling friends or headhunters. Half of the floor is gone and others are just waiting to be called in. Some people are saying their byes even before being called in,” said an equities trader in Hong Kong who has spent two years at the bank. The trader said he and his colleagues had been escorted from their meetings with Human Resources to the elevators without being allowed to return to their desks.
“The news is obviously depressing but at least there’s some clarity on the businesses we are still going to focus on. My access card is working fine. So I am safe for now. What happens tomorrow, who knows but for now, I hope this is it,” said a banker in Singapore as he tapped his card to gain access to the lift.
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