The massive layoffs by Germany’s biggest bank will amount to about 20% of its global workforce. The bank is ditching its asset management and hedge fund servicing business and focusing on selling cash management, trade finance and hedging products to corporate customers. The lender also will cut headcount from equity sales and trading.
Thousands were already laid off last month as part of the $8.3 billion restructuring plan, with workers in the U.S. and Britain among the easiest to let go, MSN reports.
Most of the cuts are likely to happen in New York and London as well as in Singapore, where the bank has a major investment banking business.