Deutsche Bank axe swings from Sydney to London

Deutsche Bank axe swings from Sydney to London
Deutsche Bank's headquarters in Frankfurt. Pic: iStock

A total of 18,000 jobs are due to be cut as Deutsche Bank exits the equities business in a €7.4 billion restructuring intended to turn around years of decline

In London, Deutsche Bank's equities traders started bracing for the inevitable on Sunday night, shortly after the news broke that their business was being closed.

They received an email from human resources telling them to turn up to work on Monday at 8 am, according to one recipient who asked not to be named. At a morning meeting with HR, they were told their badges would be disabled by 11am.

By 10am, dozens were seen leaving...

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