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[webfact]

Deutsche Bank axes whole teams in Asia-Pacific as 18,000 global job cuts begin

By Paulina Duran and Sumeet Chatterjee

 

FILE PHOTO: A Deutsche Bank logo adorns a wall at the company's headquarters in Frankfurt, Germany, June 9, 2015. REUTERS/Ralph Orlowski/File Photo

 

SYDNEY/HONG KONG (Reuters) - Deutsche Bank AG <DBKGn.DE> eliminated whole teams at its Asian operations on Monday, as the German lender began axing 18,000 jobs globally in one of the biggest overhauls at an investment bank since the aftermath of the financial crisis.

 

The lender announced the job losses on Sunday as part of a restructuring plan that will ultimately cost 7.4 billion euros ($8.31 billion) and see it undo years of work aimed at making its investment bank a major force on Wall Street.

 

As part of the overhaul, the bank will scrap its global equities business and cut some operations in its fixed income - an area traditionally regarded as one of its strengths.

 

Deutsche Bank gave no geographic breakdown for the job cuts, though the bulk are widely expected to fall in Europe and the United States. The global day on Monday, however, began with cuts in Sydney, Hong Kong and elsewhere in the Asia-Pacific.

 

Bankers seen leaving Deutsche Bank's Sydney office on Monday said they had been laid off, but declined to be identified as they were due to return later to sign redundancy packages.

 

One person with knowledge of the bank's Australia operations said its four-strong equity capital markets (ECM) team was being disbanded. The person also said most of its mergers and acquisitions (M&A) team was not affected.

 

Entire teams in sales and trading are losing their jobs too, according to several Deutsche bankers.

 

Regionally, Deutsche used to regularly rank among the top 10 banks in league tables for ECM deals, but it has slipped in recent years, hitting 17th last year and 18th in 2019, Refinitiv data showed. So far this year, it ranks 8th regionally for M&As.

 

Deutsche had some 4,700 staff at its main regional offices in Sydney, Tokyo, Hong Kong and Singapore, showed factsheets on its website.

 

Its investment banking team for the Asia-Pacific region numbered about 300 people before the cuts, of which 10% to 15% will be laid off, almost all in its equity capital markets division, according to a senior Asia banker with direct knowledge of the plans.

 

One Hong Kong-based equities trader who had been laid off said the mood was "pretty gloomy" as people were called individually to meetings.

 

"(There are a) couple of rounds of chats with HR and then they give you this packet and you are out of the building," the trader said.

 

Several workers were seen leaving the offices holding large envelopes with the bank's logo. Three employees took a picture of themselves beside a large Deutsche Bank logo outside and hugged each other before hailing a taxi.

 

"If you have a job for me please let me know. But do not ask questions," said a person who confirmed he was employed at Deutsche Bank, but declined to comment further.

 

A Deutsche Bank spokeswoman declined to comment on specific departures, saying the bank would be communicating directly with employees.

 

"We understand these changes affect people's lives profoundly and we will do whatever we can to be as responsible and sensitive as possible implementing these changes," she said.

 

RESTART

Chief Executive Officer Christian Sewing, who now aims to focus on the bank's more stable revenue streams, said on Sunday that it was the most fundamental transformation of the bank in decades. "This is a restart," he said.

 

"We are creating a bank that will be more profitable, leaner, more innovative and more resilient," he wrote to staff.

 

The bank will set up a so-called bad bank to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

 

Sewing will now represent the investment bank on the board in a shift that illustrates the division's waning influence.

 

The CEO had flagged extensive restructuring in May when he promised shareholders "tough cutbacks" to the investment bank. This followed Deutsche's failure to agree a merger with rival Commerzbank AG <CBKG.DE>.

 

On Monday Werner Steinmueller, the banks' Asia-Pacific Chief Executive told staff in a memo, seen by Reuters, that the bank was focusing on its core strengths.

 

"The new investment bank will be smaller but more resilient, with a focus on our financing, capital markets, advisory services and sales and trading businesses," he said in the memo.

 

One senior Deutsche banker, who still had his job, stressed the bank was not giving up on deals it was currently working on, but questioned how well its slimmed down franchise could compete in future.

 

"Our ECM business has to be scaled back but it's not like everything will happen in one day," he said. "The biggest question for us is where do we go from here if we don't offer the whole suite of products. Will clients stick with us or is the game over?"

 

(Reporting by Paulina Duran in SYDNEY, Takashi Umekawa in TOKYO, Sumeet Chatterjee and Alun John in HONG KONG, Anshuman Daga in SINGAPORE, Tom Sims and Hans Seidenstuecker in FRANKFURT; Writing by Jennifer Hughes; Editing by Christopher Cushing)

 

-- © Copyright Reuters 2019-07-08

 

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[nauseus]

In trouble for quite a while. Losing billions, stock price decimated and no dividend since 2015.

[aright]

The German bank is also facing an investigation by the US authorities, as the FBI investigates whether it followed rules aimed at stopping financial crimes such as money laundering following a complaint by a whistleblower.

It will be interesting to see if the ECB now headed by the new honest French lady with no banking knowedge or experience will handle the underwriting of their newly created "bad bank" where they will put their toxic debts. 

The EU has serious banking problems.

 

 

Edited July 8, 2019 by aright

[quandow]

I have a gut feeling this is a "CYA" move. I suspect they've been doing dirty deeds for some time and are going to erase as much of the evidence while they still can.

[zydeco]

Criminal bankers will be looking for a bailout. Should shut down and fire the lot of them.

[aright]

I wonder who will own this so called "bad bank"

Will Deutsche Bank have it on their books as a 78bn euro debt asset or will it exist independently where existing share holders will be sent a piece of bog paper as a share holding certificate? 

Despite the EU 18000 jobs will be lost. Makes you wonder doesn't it.

 

 

 

 

[Bundooman]

3 hours ago, nauseus said:

In trouble for quite a while. Losing billions, stock price decimated and no dividend since 2015.

Another failing giant in tbe EU. Great Britain is so right to get out befrore it all collapses. The new Greek government will be back on track now to get out of the Euro/EU as well. The cards are falling.

[generealty]

Been found guilty of Money laundering for huge amounts. Banks are criminals and should be treated as such. You and I would face jail time. why cant they ?

[Cadbury]

3 hours ago, nauseus said:

In trouble for quite a while. Losing billions, stock price decimated and no dividend since 2015.

Is this another Lehman Brothers in the making and a new global financial crisis like 2008? It has been said only a bail out will likely save Deutsche Bank and that's been tried once and failed.

Then add this particular problem to the Italian banks crises and things are not looking too good in the Eurozone; seeing also as how the Deutsche Bank is the largest bank in the EU. 

Maybe time to batten down the financial hatches. 

[nauseus]

15 minutes ago, Cadbury said:

Is this another Lehman Brothers in the making and a new global financial crisis like 2008? It has been said only a bail out will likely save Deutsche Bank and that's been tried once and failed.

Then add this particular problem to the Italian banks crises and things are not looking too good in the Eurozone; seeing also as how the Deutsche Bank is the largest bank in the EU. 

Maybe time to batten down the financial hatches. 

Possibly. I read different things and numbers from various sources. 

[nauseus]

1 hour ago, RobboR said:

I'm sure somebody will be along shortly to tenuously link it Brexit!!

No need for that. The problems have been there for much longer.

[zydeco]

3 hours ago, Cadbury said:

Is this another Lehman Brothers in the making and a new global financial crisis like 2008? It has been said only a bail out will likely save Deutsche Bank and that's been tried once and failed.

Then add this particular problem to the Italian banks crises and things are not looking too good in the Eurozone; seeing also as how the Deutsche Bank is the largest bank in the EU. 

Maybe time to batten down the financial hatches. 

I hope all these criminal bankers lose their jobs. Hope they get mowed down in the US, too. Puffing up their EPS with stock buybacks and loading up on executive bonuses. Put them all in jail. And if any banks fail, this time Federalize the failed banks. No more free money for them to pump the system with zero interest rates and QE flowing into their accounts like a flood. Break these slime balls. Destroy them. Hard time in the pen with Bubba and LeRoy and their 300 lb. sex deprived libidos and 80 IQs.

[SteveStevens]

Many economists such as Joseph Stiglitz, a Nobel prize winner, have been calling for the nationalization of banking for a long time.

[Cadbury]

11 minutes ago, zydeco said:

I hope all these criminal bankers lose their jobs. Hope they get mowed down in the US, too. Puffing up their EPS with stock buybacks and loading up on executive bonuses. Put them all in jail. And if any banks fail, this time Federalize the failed banks. No more free money for them to pump the system with zero interest rates and QE flowing into their accounts like a flood. Break these slime balls. Destroy them. Hard time in the pen with Bubba and LeRoy and their 300 lb. sex deprived libidos and 80 IQs.

You make your point very strongly. I have been discussing this with my local garden frog who is related to the PM's frog advisers and he is in full agreement that a collapse of the Eurozone banking system is on the cards.

Just a matter of time before the EU trough snorters in Brussels get their comeuppance.

[pork hunt]

3 hours ago, nauseus said:

No need for that. The problems have been there for much longer.

"

  5 hours ago, RobboR said:

I'm sure somebody will be along shortly to tenuously link it Brexit!!

"

i would have pointed the finger at schengen visa harassment for the majority of the world. just aint worth the hassel

[Baerboxer]

5 hours ago, aright said:

I wonder who will own this so called "bad bank"

Will Deutsche Bank have it on their books as a 78bn euro debt asset or will it exist independently where existing share holders will be sent a piece of bog paper as a share holding certificate? 

Despite the EU 18000 jobs will be lost. Makes you wonder doesn't it.

 

 

 

 

 

Yes but those jobs will be in Asia, Britain and the US. Any where but Germany and the rest of the EU!

 

DB has been performing very badly for years. This will be a chance to bury a lot of the problems and cleanse those responsible. 

[emptypockets]

1 hour ago, pork hunt said:

"

I'm sure somebody will be along shortly to tenuously link it Brexit!!

"

i would have pointed the finger at schengen visa harassment for the majority of the world. just aint worth the hassel

Pork Hunt...... Brilliant 555

[nauseus]

16 minutes ago, Bipolar said:

what abt thailandz? affected? Love to see people in the banking and financials lose their jobs. Hope they do the plunge at any of the famous malls famous for that! lol!

What a kind thought. 

[nauseus]

1 hour ago, Baerboxer said:

 

Yes but those jobs will be in Asia, Britain and the US. Any where but Germany and the rest of the EU!

 

DB has been performing very badly for years. This will be a chance to bury a lot of the problems and cleanse those responsible. 

Or protect those responsible? 

[gk10002000]

10 hours ago, webfact said:

Entire teams in sales and trading are losing their jobs

Good riddance, except to the few good people that got stuck as sales people few unfortunate circumstances.

[dick dasterdly]

14 hours ago, Baerboxer said:

 

Yes but those jobs will be in Asia, Britain and the US. Any where but Germany and the rest of the EU!

 

DB has been performing very badly for years. This will be a chance to bury a lot of the problems and cleanse those responsible. 

 

12 hours ago, nauseus said:

Or protect those responsible? 

Sadly, probably a combination of both ☹️.

[dick dasterdly]

19 hours ago, RobboR said:

I'm sure somebody will be along shortly to tenuously link it Brexit!!

That was my first thought too! ????

[Tayaout]

[puck2]

20 hours ago, RobboR said:

I'm sure somebody will be along shortly to tenuously link it Brexit!!

 

Not !  Maybe to Trump. Both have the same (moral) quality as some excrement.

 

Wait for a report. The State of New York is now allowed to give Trump's  tax documents to the congress. You will read about Trump's connection to Deutsche Bank and vice versa.

[ThomasThBKK]

1 hour ago, Tayaout said:

Love the bitcoin bag hahaha

 

I guess that guy doesn't care much.

[zydeco]

2 hours ago, Tayaout said:

Suffer, you criminals! Hope your creditors repossess everything you've amassed off decent people.