KUALA LUMPUR: It is business as usual for more than 200 employees at Deutsche Bank Malaysia and at least the majority of those in other parts of Asia Pacific, amid reports that its German holding company is axing 18,000 jobs worldwide.
Deutsche Bank chief executive officer for Asia Pacific Werner Steinmueller said the strength of its service offering and wide network covering 14 markets in the region was a competitive advantage for Deutsche Bank globally.
“We remain absolutely committed to this region. We had a record first quarter and I urge you all to remain focused, build on this strong momentum, and continue to deliver the first-class service to our clients that we are so well known for here,” Singapore-based Steinmueller said in a memo to its staff.
Parts of the memo issued to the staff on Monday were made available to the New Straits Times.
Singapore is the Asia Pacific hub for Deutsche Bank’s fixed income and currencies business, while Hong Kong is the Asian equities hub.
On July 7, Deutsche Bank announced 18,000 job losses worldwide, the complete closure of its equities trading division and significant cuts to fixed income and rates businesses.
On its Malaysian website, Deutsche Bank said it first established a presence in Kuala Lumpur in 1967.
Today, it employs more than 230 professionals here with offices in Kuala Lumpur and Labuan.
Deutsche Bank’s roots in Asia go back to 1872 when its first branches were opened in Shanghai, China and Yokohama, Japan.
It currently employs 19,000 staff in the 14 markets in Asia Pacific.
In a statement on Sunday, the investment bank said it would focus on its traditional strengths in financing, advisory and fixed income and currencies.
This is expected to increase activity in areas of particular relevance for corporates, including credit and foreign exchange products.
Deutsche Bank said it was maintaining a global presence with major hubs in Asia, Europe and the US.
“In regards to jobs, it’s too early to comment on detail, but the bank will be communicating directly with employees regarding their jobs and options.
“We understand these changes affect people’s lives profoundly and we will do whatever we can to be as responsible and sensitive as possible implementing these changes,” it added.