Despondent staff at Deutsche Banks London and New York officers cleared their desks today as the German company cut 18,000 jobs.
Pictured carrying boxes of their belongings, workers left work this morning after the bank announced its global restructuring plans.
Some of the London staff drowned their sorrows at the nearby Balls Brothers pub while others were seen picking up a huge delivery of pizzas.
The firm is shrinking its bond and rates trading operations by axing jobs and is closing its lossmaking equities trading business, MailOnline reports.
Deutsche Bank has not said how many workers in London are losing their jobs, but its 91,500 global workforce is set to be cut down to 74,000.
Job losses are expected to hit Frankfurt, where new labour laws make it easier to fire higher earners.
Deutsche Bank expects to save £5.4 billion annually with its job cuts, having also sacked staff in Sydney, Hong Kong and across the Asia-Pacific region
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One employee told the Financial Times: This is really sad what is going on right now in the bank, but I guess from top managements point of view that is what is needed to be done.
The Frankfurt based bank says it will not fire retail employees in Germany against their will until mid-2021.
METRO
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