Deutsche Bank is reportedly in meetings with its Australian staff to discuss how the firm’s global downsizing plan will affect local operations.
The German lender announced overnight it would cut 18,000 staff worldwide as well as scrap its global equities business and scale back its investment bank in a broad, $A11.9 billion restructure.
It has been reported the bank’s Australian staff are in meetings on Monday to learn what the new strategy will mean for them.
The Australian Financial Review reported Deutsche’s head of Australian equities, Glenn Morgan, has told clients his team’s wind-down will begin on Monday.
When contacted for comment on its Australian operations, Deutsche pointed AAP to its previous global press releases.
The bank announced it would scrap its global equities business, scale back its investment bank and cut some of its fixed-income operations as it seeks to cut total costs by a quarter by 2022.
“This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society,” chief executive Christian Sewing said.
Deutsche will also set up a new so-called “bad bank” to wind down unwanted assets, with a value of 74b euros ($A119b) of risk-weighted assets.
Deutsche Bank has been operating in Australia since 1973, with offices in Sydney, Melbourne and Perth.
In Australia, the bank provides services across corporate finance, equities, fixed income, currencies and global transaction banking.
Deutsche’s website says its Sydney office has 700 people and is one of its four hubs, including Hong Kong, Singapore and Tokyo, in the Asia-Pacific region.