Bankers sent home as Deutsche starts slashing jobs

Deutsche Bank has made the first of the 18,000 job cuts announced on Sunday as part of a radical reorganisation. 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". Deutsche Bank is yet to specify the details of the job cuts, but it will pull out of activities related to trading shares, much of which takes place in London and New York. Deutsche Bank's equities business in Asia is managed out of Hong Kong, but a spokesperson declined to comment on the impact the bank reorganisation would have on job numbers in Asia. With almost 8,000 staff, Deutsche Bank is one of the biggest employers in the City of London. Outside the bank's London HQ staff have been seen speaking on their phones - with some visibly upset - just hours after arriving at work. Some workers have been sent home while others are still waiting to find out whether their jobs are at risk. "We will retain a significant presence here and remain a close partner to our UK clients and to international institutions that want to access the London market," Deutsche Bank said in a statement on Monday. In a conference call, Deutsche Bank chief executive Christian Sewing declined to give regional breakdowns of the job cuts, but confirmed that the process of informing those affected had already begun. He described the job losses as "painful but unavoidable to ensure Deutsche Bank's long-term success".
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