HONG KONG, Sept 4 (Reuters) - Deutsche Bank fired around a third of the staff in its Asia equity derivatives business on Tuesday, as part of a global cost savings plan announced on July 31, according to sources familiar with the matter.
Just over 20 people remain in the division, down from a number in the mid 30s, according to one source, as Deutsche Bank and others seek to cut costs in businesses that are failing to generate adequate revenues as the global economy slows.
The bank let go five traders, four product structurers and at least one salesperson from the division, the sources said, adding that the numbers were not yet finalised because the discussions were continuing.
A Deutsche Bank spokesman declined to comment.
These cuts follow on the heels of layoffs in June in Deutsche Bank’s Asian equities business, which like its counterparts at other firms globally has been struggling this summer due to slack trading volumes and a sharp decline in new share issuance.
Deutsche Bank’s co-chief executive Anshu Jain said on July 31 the bank would cut 1,900 jobs globally, with 1,500 going in the lender’s investment bank, as part of a drive to save 3 billion euros ($3.7 billion) in costs.