Deutsche Bank India on Tuesday said the decision of the German parent company to lay off as many as 18,000 employees all over the world will have impact in India too.
The largest German lender over the weekend had announced shutting down of its global equities business and cutting fixed income operations, which will have an impact on as many as 18,000 jobs globally but also aid the bank to save $8.3 billion annually.
“The equity desk will be shut for sure in India as well. There is no ambiguity around it. This has jobs in trading, research and sales,” a source told PTI.
There is, however, no clarity on the number of jobs impacted here, or whether the impacted employees will be accommodated in other operations of the bank.
The Deutsche Bank India has 17 branches across the country.
According to the bank, the domestic equity operations are “very small” compared to the global equity business.
Industry sources say a foreign bank usually employees 25-35 in its institutional equities businesses.
However, there can be other employees serving global markets through the offshore global delivery centres in the country which can also be impacted.
Speaking to the reporters, Chief Executive Christian Sewing didn’t give a regional breakdown of the planned cuts but clarified they wouldn’t be concentrated on one region. Sewing said the restructuring process will make the operations smaller but more stable.
Deutsche Bank will now focus on serving European companies and retail-banking customers, including wealthy clients.
Asset management, currency trading, corporate-cash management and trade finance will now be the lender’s focus.
(with inputs from IANS)