Tearful traders: Deutsche Bank begins cull
Deutsche Bank started cutting hundreds of jobs at its investment bank in London yesterday morning, as the German lender embarked on its most aggressive restructuring plan yet.
Staff were seen leaving the building in the City of London with thick white envelopes detailing their layoff packages.
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Earlier, they queued up inside the office to learn their fate from human resources personnel, according to Deutsche Bank employees.
Some former traders looked visibly shaken and were crying as they left. A few headed to the nearby Balls Brothers restaurant and wine bar.
Inside the office, chief executive Christian Sewing was in attendance as the cuts got under way. A black Mercedes could be seen leaving the building following a lengthy conference call he led on the extent of the bank's overhaul. London houses around 7,000 of Deutsche Bank's staff and is the hub for the German lender's investment bank, which is bearing the brunt of the cuts.