Deutsche Bank cuts 40 equities bankers in Asia

Deutsche Bank cut approximately 40 bankers in its equities division in Asia yesterday, which is about 9% of its equities staff, according to sources. This was part of Deutsche’s plan to reduce 1,900 people from its global staff, which it announced on July 31.

“This says a lot more about the industry than a specific bank,” said a source, who pointed out that rival banks are all facing the same problem. The capital markets have slowed and something has to give so while cuts have been across the board, they’re most notable in equity capital markets and equity trading.

Consider that global $1 billion-plus initial...