One of Germany’s oldest and most well-known banks, Deutsche Bank, has continued its job cull as it slashes its global workforce by 18,000 jobs.
The announcement of plans to reduce its workforce was made briefly on Sunday evening, with many workers discovering their fate on Monday morning.
The cull first began in the Asia Pacific region; in Hong Kong, Singapore and even in Sydney, Australia. Workers in London and New York began receiving the news of their fate with the company just hours after the global restructuring plan was announced.
In the United Kingdom (UK), the bank employs some 8,000 people, 7,000 of which work out of London.
The 149-year-old bank failed to recover from the 2008 financial crisis. It saw its costs rising while the share price continued to dip. Christian Sewing, Deutsche’s chief executive officer, announced that the division selling and trading shares will be shut down while other businesses will also be wound down. Sewing had conceded that the bank tried to keep up with too many services and as a result was spread too thin.