Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

Jobs at risk as Deutsche Bank exits global equities

Deutsche-Bank/equities/fixed-income/rates/

8 July 2019
| By Laura Dew |
image
image image
expand image

Deutsche Bank has announced it is shutting its equities division, potentially leading to job losses from the firm’s base in Sydney.

The firm announced globally today that it would exit global equities and significantly reduce its activities in corporate and investment banking. It would also resize its fixed income operations, particularly the rates division.

Global equities includes equity trading, equity derivatives, global investment solutions and prime finance.

This would allow the firm to focus on its core activities of corporate banking, finance, foreign exchange, origination & advisory, private banking and asset management.

Global chief executive Christian Sewing said: “I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact that this will have on some of you. In the long-term interest of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again.”

It is understood around 700 people work at the firm from its Sydney office and it has smaller offices in Melbourne and Perth, having held a presence in Australia for more than 45 years. In total, it employs 19,000 in the Asia-Pacific region.

A spokesperson for Deutsche Bank declined to give regional figures but the Australian Financial Review reported the equities team as numbering 50 employees; 20 analysts, 20 traders and 10 in sales.

The firm had already been cutting its headcount recently, in the 2018 financial year global headcount reduced by 5.9 per cent.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 weeks 3 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

3 weeks 3 days ago

So we are now underwriting criminal scams?...

6 months 4 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

2 weeks 4 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

3 weeks 1 day ago

While the profession continues to see consolidation at the top, Adviser Ratings has compared the business models of Insignia and Entireti and how they are shaping the pro...

3 days 17 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3