Whole teams in Deutsche Bank's Asian operations were told their positions were gone Monday, as the lender began axing 18,000 jobs globally in one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.
The German bank launched the restructuring Sunday in Europe, outlining a plan that will ultimately cost €7.4 billion ($8.31 billion) and see it dramatically scale back its investment bank — a major retreat after years of working to compete as a major force on Wall Street.
As part of the overhaul, the bank will scrap its global equities business and cut some of its fixed income operations — an area traditionally regarded as one of its strengths.
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