(Bloomberg) -- Deutsche Bank AG will let go more than 20 people in India as part of its global move to withdraw from its equity sales and trading business, according to people familiar with the decision.
The German lender plans to undertake the retrenchment in phases, with some of the affected staff in equity research and sales leaving first, the people said, requesting anonymity because the cuts aren't public. Some traders will stay on for a while to wind down its existing positions before departing, they added.
Deutsche Bank's equities team in India is divided into about 10 researchers and around 20 in sales and trading, according to the people.
Deutsche Bank said in an email it's too early to comment on the details of the cuts in India.
The German lender unveiled a sweeping overhaul of its operations at the start of the week, involving an exit from global equities business and the loss of 18,000 jobs worldwide by 2022. About half of the equities staff across Asia have been cut, and another 25% will go within a month, a person familiar with the matter said on Monday.
Deutsche Bank has more than 13,000 employees in India, in businesses including retail and wholesale banking, investment-banking advisory and wealth management. More than 11,000 work in back office and technology roles.
To contact the reporters on this story: Anto Antony in Mumbai at aantony1@bloomberg.net;Suvashree Ghosh in Mumbai at sghosh186@bloomberg.net
To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell Ward
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