Finance

Deutsche Bank likely to exit India equities trading business, may sack all 35 employees, says report

Updated : July 09, 2019 08:19 AM IST

Deutsche Equities India, the trading arm of Deutsche Bank, is in the process of unwinding its India operations: report

Deutsche Equities India employs 35 people, all of whom could face the job axe, the report said.

Deutsche Bank likely to exit India equities trading business, may sack all 35 employees, says report

Deutsche Equities India, the trading arm of Deutsche Bank, is in the process of unwinding its India operations, following the parent’s decision to exit the equities trading business globally, reported Business Standard.

Deutsche Equities India employs 35 people, all of whom could face the job axe, the report said citing people in the know.

When the newspaper questioned Deutsche Bank India, its spokesperson said it is too early to tell how the global announcement will impact domestic operations.

On Monday, Deutsche Bank said it planned to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany's struggling flagship lender.

The bank will scrap its global equities business and scale back its investment bank.

The overhaul, one of several over the past few years, signals that Deutsche is coming to terms with its failure to keep pace with Wall Street's big hitters such as JP Morgan Chase & Co and Goldman Sachs.

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