Deutsche Bank Staff Shown Door By Their German Employer Within Hours Of A Restructuring Announcement

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New Delhi: Summoned by HR to be handed a Deutsche Bank envelope, many of its staff across the world then left their desks for the last time on Monday, shown the door by their German employer within hours of a restructuring announcement.

Deutsche Bank confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go. “If you have a job for me, please let me know,” said a banker leaving the Hong Kong office on Monday.

Staff leaving in Hong Kong were holding envelopes with the bank’s logo. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi.

“They give you this packet and you are out of the building,” said one equities trader. “The equities market is not that great so I may not find a similar job, but I have to deal with it,” said another.

At the bank’s Wall Street office, staff impacted by the cuts were summoned to the cafeteria to learn of their fate. A notice inside the building’s lobby told staff the cafeteria would be closed until 11.30 a.m. EST.

Hundreds of staff were informed during the meetings that their positions were being cut, sources within the bank told Reuters. They also received details of their redundancy packages. One source said staff could be seen saying their goodbyes to colleagues upon leaving the cafeteria.

Speaking outside the bank’s office, one employee told Reuters the cuts had been anticipated for weeks.

“People have been planning their next moves but it’s a tough market,” the person said, speaking on condition of anonymity.

 

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