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Deutsche Bank begins cutting 18,000 jobs

Deutsche Bank has made the first of the 18,000 job cuts announced on Sunday as part of a radical reorganisation.
Teams of share traders in Tokyo and other offices in Asia were told on Monday that their jobs were going.
Shares in Deutsche Bank were down nearly 2% by mid-morning as investors reacted to the shake-up.
A spokesperson said the aim of the changes, which will shrink its investment banking business, was to make the bank "leaner and stronger".
Deutsche Bank is yet to specify exactly where the rest of the jobs will be lost.
But it will pull out of activities related to trading shares, much of which takes place in London and New York.
With almost 8,000 staff, Deutsche Bank is one of the biggest employers in the City of London.
"We will retain a significant presence here and remain a close partner to our UK clients and to international institutions that want to access the London market," it said in a statement on Monday.
In a conference call, Deutsche Bank chief executive Christian Sewing declined to give regional breakdowns of the job cuts, but confirmed that the process of informing those affected had already begun.
He described the job losses as "painful but unavoidable to ensure Deutsche Bank's long-term success".
https://www.bbc.co.uk/news/business-48906466
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