Though Mr Sewing stated that all regions where the bank operates will be hit by the cuts, he has also highlighted Asia as a focus for growth.
Deutsche shutters equity underwriting in Asia Pacific
He also replaced three management board members and set up a leadership team below the board known as the group management committee. In addition, the bank also announced eight appointments in financing and debt capital markets. These include executives Haitham Ghattas and Sid Hari, who were named as head of capital markets for Asia-Pacific and head of financing for Greater China, respectively. New heads of investment banking across different Asian countries were also appointed.
As per a media report, last year, more than 32, jobs were slashed in the industry.
These cuts have come on account of low-interest rates in the eurozone, sluggish economic growth, and competition from new online platforms. Did you find this story helpful? Do you think, in this digital era, traditional leadership is a thing of the past?
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- Deutsche Bank axes whole teams in Asia-Pacific as 18,000 job cuts begin?
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Five jobs where you won’t get laid off by Deutsche Bank in Asia | eFinancialCareers
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