Money & Banking

Deutsche Bank to lay off over 20 equities & sales staff in India

Bloomberg July 10 | Updated on July 10, 2019 Published on July 10, 2019

Deutsche Bank AG will let go more than 20 people in India as part of its global move to withdraw from equity sales and trading business, according to people familiar with the decision.

The German lender plans to undertake the retrenchment in phases, with some of the affected staff in equity research and sales leaving first, the people said, requesting anonymity because the cuts aren’t public. Some traders will stay on for a while to wind down its existing positions before departing, they added.

Deutsche Bank’s equities team in India is divided into about 10 researchers and around 20 in sales and trading.

Deutsche Bank said in an email it’s too early to comment on the details of cuts in India. The German lender unveiled a sweeping overhaul of its operations at the start of the week, involving an exit from global equities business and the loss of 18,000 jobs worldwide by 2022.

About half of the equities staff across Asia have been cut, and another 25 per cent will go in a month, a person familiar with the matter said on Monday.

Deutsche Bank has more than 13,000 employees in India, in businesses including retail and wholesale banking, investment banking advisory and wealth management.

More than 11,000 work in back office and technology roles.

Published on July 10, 2019
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