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Tears in the City

Short
notice:
Workers
leave the bank’s
London
offices
carrying
bags and
boxes PICTURES: PA/GETTY

SHOCKED UK Deutsche Bank staff drowned their sorrows after being ordered to pack up and go as the lender embarked on huge job cuts yesterday.

Laid-off workers headed for City of London pubs as the German-owned giant lost no time in beginning the cull after revealing on Sunday night that 18,000 posts would go worldwide by 2022.

The trading and investment divisions will bear the brunt of the losses and there was speculation that 3,000 London staff could be made redundant, with New York also badly hit.

The company, which employed about 6,000 workers in Britain before the cull got under way, told City staff to get out of the offices by 11am.

They were warned their entry passes would stop working after the deadline.

An IT worker, heading from the offices to the nearby Balls Brothers pub, said: ‘I was terminated this morning — there was a very quick meeting and that was it.’

A man who had lost his job in equity sales said from the pub: ‘I got laid off — where else would I go?’

A manager in the equities department told the Financial Times he had also been abruptly dismissed, adding: ‘It’s quite strange because the stuff I was working on still impacts the portfolio so I don’t know what they’re going to do with it.’

In New York, a woman was spotted carrying out a pot plant as workers left with their belongings. And in Hong Kong, many were clutching envelopes bearing Deutsche Bank branding.

The lay-offs come two months after boss Christian Sewing promised the bank’s shareholders tough cutbacks to save more than £880million.

The bank slashed 6,000 jobs just over a year ago. But it had issued a warning in May that more ‘extensive restructuring’ would be required.

The lender has suffered multiple blows to its reputation in recent years.

It has paid fines and settlements over mis-selling of mortgages and failed US ‘stress tests’ of its ability to cope with a major economic downturn. In November, it was raided by German police as part of money-laundering investigations.

Mr Sewing said the job losses were the ‘most difficult and painful part’ of the ‘most fundamental transformation’ of the bank for decades. ‘People and their fates are very important to us,’ he added.