Restructuring Sunday: Bank and Wall Street

restructuring sunday: While the bulk of the 18,000 job losses is widely expected to fall in Europe and the United States, on Monday the cuts also hit offices from Sydney to Hong Kong, according to The Japan Times. Deutsche Bank gave no geographic breakdown for the job cuts when it announced the plan Sunday. The German bank launched the restructuring Sunday in Europe, outlining a plan that will ultimately cost 7.4 billion 8.31 billion and see it dramatically scale back its investment bank a major retreat after years of working to compete as a major force on Wall Street. ; As part of the overhaul, the bank will scrap its global equities business and cut some of its fixed income operations an area traditionally regarded as one of its strengths. Bankers in Sydney seen leaving the lender's offices Monday confirmed they worked for Deutsche Bank and were being laid off but declined to give their names as they were due to return later to sign redundancy packages. Deutsche had some 4,700 staff in Sydney, Tokyo, Hong Kong and Singapore, according to fact sheets on its website. One source with knowledge of the bank's operations in Australia said its four-strong equity capital markets team was being let go, but that most of its mergers and acquisitions M&A team would not be immediately affected. (news.financializer.com). As reported in the news.