Deutsche Bank will let go more than 20 people in India as part of its global move to withdraw from its equity sales and trading business, while it said it is "too early" to determine the restructuring plan's impact in the Middle East.
Deutsche Bank's equities team in India is divided into about 10 researchers and around 20 in sales and trading, according to the people. Germany's biggest bank said in an email it is too early to comment on the details of the cuts in India, Bloomberg reported.
Deutsche Bank has more than 13,000 employees in India, in businesses including retail and wholesale banking, investment-banking advisory and wealth management. More than 11,000 work in back office and technology roles.
My message to my clients is ‘nothing’s changed’
Media around the world reported that from Sydney to London and New York hundreds of staff were told of their fate and informed of their severance terms.
A UAE-based spokesperson told Arabian Business "it is too early" to comment on how the job cuts would impact the Middle East operations and that the bank would not be disclosing a regional breakdown of job losses.
The German lender unveiled a sweeping overhaul of its operations at the start of the week, involving an exit from global equities business and the loss of 18,000 jobs worldwide by 2022. About half of the equities staff across Asia have been cut, and another 25% will go within a month, a person familiar with the matter said on Monday.
The headlines about the lay-offs generates questions from clients, but "my message to my clients is ‘nothing's changed'," a New York banker told AFP.
Deutsche Bank is coming under fire for the lavish golden parachutes it has paid out to top executives who left during a period of management turmoil over the past year. Germany's biggest bank has spent more than €52m on severance pay for senior executives who were fired or left voluntarily over the past 14 months, almost matching the lender's annual pay for the entire management board, which in 2018 stood at €55.7m.
On the day Deutsche Bank began making thousands of employees redundant, some managing directors at the company's office in the City of London were being fitted for suits that cost at least £1,200, it has emerged.
Tailors from Fielding & Nicholson, an upmarket tailor, were pictured walking out of the bank's office with suit bags on Monday. Ian Fielding-Calcutt, the tailor's founder, and Alex Riley were there to fit suits for senior managers in spite of plans to cut 18,000 jobs worldwide.