Reportedly within hours of announcing a major restructuring, thousands of employees of Deutsche Bank have been laid off. Meanwhile with an envelope in hand, Reuters says that many its staff across the world left their desks for the last time on Monday. Previously Deutsche announced that it will cut 18,000 jobs globally out of its total 74,000 employees by 2022. Furthermore this move comes as the bank aims to reduce adjusted costs by a quarter to $19 billion over the next few years.
Reportedly the bank closed a major part of its trading businesses which first affected employees in Sydney and hong kong. Perhaps these job cuts are happening across offices from hong kong to London, New York and even Bengaluru. Apparently a Deutsche Bank employee in Bengaluru told Reuters that he and his colleagues were told that their jobs have become redundant and handed over their letters and given approximately a month’s salary. This has come as a huge shock to several given the tough market situation, with sacked employees worried about pending financial burdens such as loans.
Moreover experts say that finding a new job in the equities market will be very tough because trading revenues are falling, which could lead to several brokers not hiring new employees. Perhaps Deutsche Bank said on Sunday that it expected to post a net loss of 2.8 billion euros ($3.14 billion) as a result of restructuring-related costs when it reports second-quarter results on July 24.
