STAFF at Deutsche Bank’s London office were seen leaving the building clutching boxes just hours after the lender announced restructuring plans that would see 18,000 jobs axed worldwide.
Some workers were ‘told to leave their desks by 11am’ this morning and others were seen crying as they were told that their building passes would be deactivated today, reports The Daily Mail.
Yesterday, it revealed that it would axe thousands of jobs worldwide by 2022 to in a bid to turn around the struggling lender.
The total job losses will cut the workforce by a fifth.
The investment bank, which employs more than 91,500 worldwide, has over 8,000 staff in the UK.
The bank has also announced that it will scrap its global equities business and scale back its investment bank.
It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of the restructure.
Deutsche said that it would also cut its fixed income operations, especially its rates business.
It will also create a new unit to “wind-down” unwanted assets, with a value of 74billion euros of risk-weighted assets.
The pledge came after Deutsche failed to agree a merger with rival Commerzbank.
Reports ahead of the decision had suggested that Deutsche Bank could cut as many as 20,000 jobs.
The bank had previously suggested it would reduce headcount to 74,000 employees by 2022.
The lender’s supervisory board met on earlier today to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis.
Christian Sewing, Chief Executive Officer of Deutsche Bank, said that the lender “remains committed to [its] global network”.
He added: “We are tackling what is necessary to unleash our true potential: our business model, costs, capital and the management team.
“We are building on our strengths. This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society.”
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at firstname.lastname@example.org