Deutsche’s Layoffs Have Already Started in Hong Kong



Posted by Ed 15 days ago
Deutsche Bank AG began winding down its equities business from Sydney to Mumbai on Monday, a day after the beleaguered German firm unveiled a sweeping overhaul of its operations.
The bank cut about half its equities staff in Asia and plans to reduce the group by another 25% within a month, a person familiar with the matter said, adding that a majority of the region’s equity capital market bankers have been laid off.
Within hours of Deutsche Bank starting to cull its Hong Kong ranks, property agents were getting ready to search for potential tenants for some of the space it occupies, another person with knowledge of the matter said. Agents have spent months seeking occupants for three floors Deutsche Bank was earlier said to weigh giving up in ICC, but without success so far -- in part because landlord Sun Hung Kai Properties Ltd. is selective about the tenants it accepts, the person said.

Sun Hung Kai is discussing new lease agreements with tenants, a spokeswoman said, speaking generally. She declined to provide further details.

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