Deutsche Bank cuts 18,000 jobs

On Sunday, the beleaguered Deutsche Bank on Sunday announced major overhaul of its business, which included discontinuing loss-making equities trading business and cutting 18,000 jobs.

The HR department of Deutsche Bank gave an envelope to its staff members across the world within hours of a restructuring announcement.

Deutsche Equities India (DEIPL), the domestic investment banking and equities trading arm of Deutsche Bank, is in the process of unwinding its India operations.

The announcement at Deutsche Bank follows similar moves by European peers, including Barclays and Standard Chartered (StanChart). In 2016, Barclays had closed its India equities business to cut costs.

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