1. You Are At:
  2. English News
  3. Business News
  4. Deutsche Bank layoffs: From New York to Bengaluru, jobs to be hit globally

Deutsche Bank layoffs: From New York to Bengaluru, jobs to be hit globally

Deutsche Bank India said the decision of the German parent to lay off as many as 18,000 employees globally will have an impact here as well but declined to quantify the number of employees who will be hit.

PTI PTI
New Delhi Published on: July 10, 2019 17:05 IST
Deutsche Bank layoffs: From New York to Bengaluru, jobs to

Deutsche Bank layoffs: From New York to Bengaluru, jobs to be hit globally

Deutsche Bank India said the decision of the German parent to lay off as many as 18,000 employees globally will have an impact here as well but declined to quantify the number of employees who will be hit.

The largest German lender over the weekend had announced shuttering of its global equities business and cutting fixed-income operations, which will impact as many as 18,000 jobs globally while help the bank save USD 8.3 billion

annually.

"The equity desk will be shut for sure in India as well. There is no ambiguity around it. This has jobs in trading, research and sales," a source told PTI.

The situation was described as "fluid" with no clarity on the number of jobs impacted here, or if the impacted employees will be accommodated in other operations of the bank, which has 17 branches in the country.

The domestic equity business was termed as "very small" in the global equity business.

According to industry sources, a foreign bank usually employees 25-35 in its institutional equities businesses.

However, there can be other employees serving global markets through the its offshore global delivery centres in the country which can also be impacted.

A bank spokesperson told PTI that "It is too early to comment on the specifics. We will be communicating directly with our employees regarding their jobs and options available to them."

The spokesperson further said such decisions have a "profound" impact on people's lives. "That is why we will do whatever we can to be as responsible and sensitive as possible when implementing these changes," the spokesperson said.

Experts said there is a process which will have to be monitored by regulators while undertaking an operation like shutting down a business.

The official also drew attention to the capital release unit housing assets worth over 160 billion euros being created. 

Also Read: Banks reported 44,016 cases of fraud involving Rs 1,85,624 crore in last 11 years

Also Read: Online banking fraud alert: HDFC says fraudsters stealing money via UPI banking; all you need to know

Also Read: Banks were cheated off Rs 71,543 crore in financial Year 2019

Write a comment