Deutsche Bank AG has eliminated at least 60 jobs in Japan, mainly at its Global Markets division, two sources said Wednesday.
Deutsche Securities Inc., which employs about 1,000 people in Japan, fired staff in its securitization, credit and trading businesses last week, the sources said, declining to be identified as no public announcement has been made.
The bank, Europe's biggest investment bank by revenue, joins Morgan Stanley, Citigroup Inc. and Credit Suisse Group AG in cutting jobs in Japan, where Deutsche Bank posted record revenue last business year. Credit Suisse is shedding at least 30 jobs in the country and paring its local asset-backed securities business, other sources said Tuesday.
"Japan is not excepted from the global slowdown," said Neil Katkov, senior vice president of Celent LLC, a Boston-based financial research firm. "The cutbacks are also an indication of the exceptional pain foreign firms are experiencing in their home countries."
Deutsche Bank may report a fourth-quarter loss on investment writedowns, the Platow Brief newsletter reported this week, citing unidentified workers at the company.