Deutsche Bank AG started cutting jobs at its Australian equities and trading division as part of a global effort to reduce headcount, The Australian Financial Review reported May 28, citing unnamed sources.
The German bank laid off at least four employees in the division, including Thomas Ciszewski, director and derivatives trading boss in Australia. The bank is expected to announce more job cuts throughout the week.
Deutsche Bank earlier announced plans to reduce headcount at its equities sales and trading business by about 25%. The move will reduce the number of full-time jobs to below 90,000 from more than 97,000 currently.
In Asia-Pacific, the bank is expected to cut about 10% of its equities sales and trading staff, AFR previously reported.
A spokeswoman for the bank declined to comment.
