Deutsche to slash 18,000 jobs over the next three years

Customers outside a Deutsche Bank branch in Frankfurt

Deutsche to dump €74bn of assets into'bad bank as restructuring unveiled

The bank would not say where the cuts would fall - many of its investment banking activities are carried out in NY and London.

Whole teams were dismissed on Monday morning.

Concerns centered on Deutsche Bank's decision to lower minimum capital buffers, a pool of assets created to absorb losses, after it launched one of the biggest overhauls of its investment bank since the 2008 financial crisis on Sunday. "People are very upset about it", says one.

Wall Street is arguably more powerful than ever.

Other employees said they had been invited to meetings even if they were on vacation.

As many as 18,000 Deutsche Bank employees could receive unexpected pink slips.

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While Barclays may pick up business, the real victors from Deutsche's demise are the United States banks who have prevailed after many unsuccessful attempts (RBS, UBS, DB and others) to muscle into the so-called "bulge bracket" of global investment banks.

Deutsche Bank began winding down its equities business from Sydney to Mumbai on Monday, a day after the beleaguered German firm unveiled a sweeping overhaul of its operations.

In May, CEO Christian Sewing told shareholders he was ready to make "tough cuts" to improve the struggling bank's profitability and to raise a "disappointing" share price.

The German lender announced overnight it would cut 18,000 staff worldwide as well as scrap its global equities business and scale back its investment bank in a broad, $11.9 billion restructure.

The restructure comes after the bank suffered multiple blows to its reputation in recent years, including failed stress tests in the U.S. and raids by German police in November as part of money laundering investigations.

Deutsche Bank stock was last down 5.73 percent to $7.57.

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Deutsche Bank's Asia-Pacific head of ECM, Jason Cox, left, and ECM teams were disbanded in Japan, Australia and most of Asia, people with direct knowledge of matter said, adding that only a few syndicate bankers, including those working on current deals, will remain. "They give you this packet and you are out of the building", he said.

Staff leaving in Hong Kong were holding envelopes with the bank's logo.

"If you have a job for me please let me know". While the market is clearly taking a dim view of the move, supervisory board Chairman Paul Achleitner believes that it is a positive sign for the future of the bank.

A spokeswoman for Deutsche Bank declined to comment.

"We regret that the changes we are making will affect some of our colleagues and we will do everything we can to support them". I personally greatly regret the impact this will have on some of you, ' Sewing wrote to staff.

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