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Deutsche Bank (NYSE:DB) has cut as many as 60 private banking roles in Singapore and Hong Kong over the past year, according to a Friday media report, as the German lender focused on lucrative markets and phased out underperformers.
Some 10 Asia-based roles have been cut over the past week, Bloomberg reported, citing people familiar with the matter.
The news comes as China, the world’s second-biggest economy, is grappling with instability amid a lingering property crisis and ongoing uncertainty surrounding economic growth. As such, a number of global banks have been reducing headcount in Asia wealth-related segments.
Morgan Stanley (MS) is reportedly planning to axe about 50 investment-banking staffers in the Asia-Pacific region, as a dealmaking drought and sluggish market conditions hinder business prospects, joining the likes of HSBC Holdings (HSBC) and UBS Group (UBS).
The affected roles at Deutsche (DB) over the past year include relationship managers that joined last year from Credit Suisse, the article said, in addition to staffers in products and supporting positions.
