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Tearful Deutsche Bank staff clear their desks as company cuts 18,000 jobs

Staff were told to pack up their belongings this morning (Picture: Reuters)

Despondent staff at Deutsche Ba..

By admin , in England , at July 9, 2019

A man carrying a box leaves a Deutsche Bank office in London, Britain July 8, 2019.

Staff were told to pack up their belongings this morning (Picture: Reuters)

Despondent staff at Deutsche Banks London and New York officers cleared their desks today as the German company cut 18,000 jobs.

Pictured carrying boxes of their belongings, workers left work this morning after the bank announced its global restructuring plans.

Some of the London staff drowned their sorrows at the nearby Balls Brothers pub while others were seen picking up a huge delivery of pizzas.

The firm is shrinking its bond and rates trading operations by axing jobs and is closing its lossmaking equities trading business, MailOnline reports.

Deutsche Bank has not said how many workers in London are losing their jobs, but its 91,500 global workforce is set to be cut down to 74,000.

Job losses are expected to hit Frankfurt, where new labour laws make it easier to fire higher earners.

A staff member receives a pizza delivery at the London office of Deutsche Bank which has confirmed plans to cut 18,000 positions across its global business, causing thousands of workers in the City of London to fear for their jobs. PRESS ASSOCIATION Photo. Picture date: Monday July 8, 2019. See PA story CITY DeutscheBank . Photo credit should read: Kirsty O'Connor/PA Wire

Staff were seen picking up a massive pizza delivery after the mass redundancies (Picture: PA)

NEW YORK, NEW YORK - JULY 08: People exit Deutsche Bank's Manhattan headquarters with white envelopes that are reportedly their exit papers following news that the global banking giant will be letting go of thousands of employees due to a major restructuring at the German bank on July 08, 2019 in New York City. The bank has announced that it will reduce its workforce by 18,000 people in Asia, Europe and America. (Photo by Spencer Platt/Getty Images) *** BESTPIX ***

Staff leave the banks Manhattan headquarters with white envelopes in hand (Picture: Getty)

A pedestrian walks past a logo outside the offices of German bank Deutsche Bank in central London on July 8, 2019. - Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil. With almost 8,000 staff, Deutsche Bank is one of the biggest employers in the City of London. (Photo by Tolga Akmen / AFP)TOLGA AKMEN/AFP/Getty Images

The bank is cutting its workforce from 91,500 to 74,000 (Picture: AFP/Getty)

Deutsche Bank expects to save £5.4 billion annually with its job cuts, having also sacked staff in Sydney, Hong Kong and across the Asia-Pacific region



One employee told the Financial Times: This is really sad what is going on right now in the bank, but I guess from top managements point of view that is what is needed to be done.

The Frankfurt based bank says it will not fire retail employees in Germany against their will until mid-2021.

A staff member receives a pizza delivery at the London office of Deu</br><a href=https://metro.co.uk/2019/07/08/tearful-deutsche-bank-clear-desks-company-cuts-18000-jobs-10134994/><strong>Read More – Source</strong></a></p>
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