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Report: Job cuts 'largely completed' in Asia, says Deutsche Bank

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Report: Job cuts 'largely completed' in Asia, says Deutsche Bank

Deutsche Bank AG is nearly done restructuring its Asian investment banking business and is set to begin recruiting bankers, Bloomberg News reported Aug. 13, citing regional head James McMurdo.

"Yes we did trim, but we trimmed where we thought we were less competitive, or where we thought the opportunity was not that significant and that has largely been completed," McMurdo told Bloomberg, adding that its "core banking team has stayed together, and we expect to be adding to it in the immediate future."

His remarks echo those of the lender's head of Asia-Pacific wealth business, Lok Yim, who said recently that the bank was still recruiting for that division as well, Bloomberg noted.