Staff at the Sydney office, which employees 700 people, were told the fate of their jobs on Monday - a day after the global overhaul of the German financial giant's operations, characterized by a move away from investment, was announced.
"The new investment bank will be smaller but more resilient, with a focus on our financing, capital markets, advisory services and sales and trading businesses," Asia-Pacific chief executive Werner Steinmueller said in a memo to staff, according to the Australian Broadcasting Corporation.
The Sydney office represents one of four major hubs in the Asia-Pacific Region, which also includes Hong Kong, Singapore and Tokyo.
"We remain committed to our global network and will help companies to grow and provide private and institutional clients with the best solutions and advice for their respective needs -- in Germany, Europe and around the globe," Deutsche Bank chief executive Christian Sewing said in a statement on Sunday.
Deutsche Bank shares closed 5.39 percent lower on Monday at 7.62 U.S. dollars per share.
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