Deutsche Bank to cut equities jobs in Japan, HK
Deutsche Bank is eliminating about 85 jobs at its Japan and Hong Kong equities units.
Co-Chief Executive Officers Anshu Jain and Juergen Fitschen are paring costs amid declining investment banking revenue and a slump in Asian equity markets.
“The adjustments were part of the global program announced on July 31 and there is no change in our full-service equity offering,” said Amy Chang, a Hong Kong-based spokeswoman for Deutsche Bank.
The MSCI Asia Pacific Index has declined more than 8 percent since the end of March. Hong Kong’s Hang Seng Index (HSI) has dropped 6.9 percent and Japan’s Nikkei 225 Stock Average has slid 14 percent.
Deutsche Bank’s Hong Kong reductions account for about 10 percent of the unit’s workforce, mostly sales and trading positions, said the person. The Financial Times reported on the Hong Kong redundancies earlier today.