Deutsche Bank is said to have started to lay off Hong Kong staff including analysts and sales managers, with the axe coming down on those with greater seniority.
Hong Kong publication «The Standard» reports today that the German lender was in the process of culling staff in Hong Kong, however Deutsche Bank declined to comment.
Earlier this month «Bloomberg» said that Deutsche would look to make redundancies with up to 17 percent of staff globally in its equities unit affected and reducing fixed-income headcount by as much as 6 percent, with notices to be served to employees soon.
$7.2 Billion Settlement
Chief Executive John Cryan has said about 9,000 employees will go as the bank undertakes a broad cost cutting drive.
At the end of 2016 Deutsche Bank reached a settlement in the U.S. regarding civil claims in connection with the bank’s issuance and underwriting of residential mortgage-backed securities between 2005 and 2007.
Under the terms of the settlement agreement, Deutsche agreed to pay a civil monetary penalty of $3.1 billion and to provide $4.1 billion in consumer relief in the United States.
The consumer relief is expected to be primarily in the form of loan modifications and other assistance to homeowners and borrowers, and other similar initiatives to be determined, and delivered over a period of at least five years.
