Media IN London 8th-07-2019

According to BBC report, Deutsche Bank has taken the first step of cutting 18,000 jobs as revealed earlier on Sunday as part of its radical strategic restructuring plan. Teams of share traders in Tokyo and other locations in Asia were dismissed on Monday.

By mid-morning, shares in Deutsche Bank plunged by about 2% as investors reacted to the announcement. The announced measures, which will reduce the bank’s investment banking business, aim to make the bank “leaner and stronger”, a spokesman told BBC.

Deutsche Bank has not determined yet the locations where the remaining jobs will be cut, but it will exit activities related to trading shares much of which is carried out in London and New York. Deutsche Bank is one of the biggest employers in London with around 8,000 employees.

The German bank said in a statement that it “will retain a significant presence [in London] and remain a close partner to [its] UK clients and to international institutions that want to access the London market.”

In a statement, 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”.