12,125.90133.4
Stock Analysis, IPO, Mutual Funds, Bonds & More

Some jobs to be hit in India as well due to global lay-off: Deutsche

The bank has announced shuttering of its global equities business, which will impact as many as 18,000 jobs globally.

PTI|
Last Updated: Jul 09, 2019, 05.36 PM IST
0Comments
Tax Calculator
Mumbai: Deutsche Bank India Tuesday said the decision of the German parent to lay off as many as 18,000 employees globally will have an impact here as well, but declined to quantify the number of employees who will be hit.

The largest German lender over the weekend had announced shuttering of its global equities business and cutting fixed income operations, which will impact as many as 18,000 jobs globally while help the bank save USD 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 .

The situation was described as "fluid" with no clarity on the number of jobs impacted here, or if the impacted employees will be accommodated in other operations of the bank, which has 17 branches in the country.

The domestic equity business was termed as "very small" in the global equity business.

According to industry sources, a foreign bank usually employees 25-35 in its institutional equities businesses. However, there can be other employees serving global markets through the its offshore global delivery centres in the country which can also be impacted.

A bank spokesperson told that "it is too early to comment on the specifics. We will be communicating directly with our employees regarding their jobs and options available to them."

The spokesperson further said such decisions have a "profound" impact on people's lives. "That is why we will do whatever we can to be as responsible and sensitive as possible when implementing these changes," the spokesperson said.

Experts said there is a process which will have to be monitored by regulators while undertaking an operation like shutting down a business.

The official also drew attention to the capital release unit housing assets worth over 160 billion euros being created.

Also Read

Former SAP India MD joins Deutsche Bank

Uttam Galva counters Deutsche’s $20-million recovery plea at NCLT

Deutsche Bank-led group a step closer to Jindal India deal

Deutsche, Bajaj Allianz split over bond deal

Deutsche Bank reshuffles its India top deck

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service