Deutsche’s layoffs have already started in Asia

Swinging the axe: Germany’s biggest bank said on Sunday that it would exit its global equities business and slash 18,000 jobs by 2022. The changes are part of CEO Christian Sewing’s plan to reverse a slide in profitability and deliver returns to long-suffering shareholders. — Reuters

HONG KONG: Deutsche Bank AG began winding down its equities business from Sydney to Mumbai, a day after the beleaguered German firm unveiled a sweeping overhaul of its operations.

The bank cut about half its equities staff in Asia and plans to reduce the group by another 25% within a month, a person familiar with the matter said, adding that a majority of the region’s equity capital market bankers have been laid off. Deutsche Bank will stagger further cuts through the end of the year, said the person, who asked not to be named because the details aren’t public.