Bankers sent home as Deutsche starts slashing jobsWatch
Staff working in share trading in London, New York and Tokyo were told that their jobs were going.
In London, some staff stayed away from work after being told their passes would stop working at 11:00.
A spokesperson said the aim of the changes, which will shrink its investment banking business, was to make the bank "leaner and stronger".
Although Deutsche Bank has clearly been in trouble for years, I cannot believe how suddenly and savagely the job cuts have come.
Reactions from staff:
“If you have a job for me, please let me know. But do not ask questions,” said a banker in Hong Kong who confirmed he had been employed at Deutsche Bank, but declined to comment further.
“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.
“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 (HR) to the elevators without being allowed to return to their desks.
Some of them will be more than fine. but not everyone. Tbh you enter that area, then you should know the risks/ rewards. There are a lot of other areas where its just as brutal but much less generous.