POWERED BY MOMENTUM MEDIA
Jobs at risk as Deutsche Bank exits equities
Deutsche Bank has announced it is shutting its equities division, potentially leading to job losses for the firm’s base in Sydney.
The firm announced globally yesterday that it would exit global equities and significantly reduce its activities in corporate and investment banking. It would also resize its fixed income operations, particularly the rates division.
Global equities includes equity trading, equity derivatives, global investment solutions and prime finance.
This would allow the firm to focus on its core activities of corporate banking, finance, foreign exchange, origination & advisory, private banking and asset management.
Global chief executive Christian Sewing said: “I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact that this will have on some of you. In the long-term interest of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading once again.”
It is understood around 700 people work at the firm from its Sydney office and it has smaller offices in Melbourne and Perth, having held a presence in Australia for more than 45 years. In total, it employs 19,000 in the Asia-Pacific region.
A spokesperson for Deutsche Bank declined to give regional figures but the Australian Financial Review reported the equities team as numbering 50 employees; 20 analysts, 20 traders and 10 in sales.
The firm had already been cutting its headcount recently, in the 2018 financial year global headcount reduced by 5.9 per cent.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Australian Ethical has named its new head of equities, who previously spent 12 years at Perpetual.
The country’s sovereign wealth fund has unveiled a flurry of changes to its leadership team, including the appointment of a key executive role.
With Damian Graham stepping into a new capacity within the $190 billion super fund ahead of his retirement, a global search is set to commence for his replacement.
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
