Around 18,000 employees of Deutsche Bank were given the pink slip after reinvention plans amounting to €7.4 billion were announced a day before.
Along with the 'reinvention' announcement, the German bank also said that they will be shutting down operations in parts of its trading business and many members in the equities division will have to quit.
A report by Reuters said that hundreds of employees from the New York, Tokyo and London offices saw that their careers "ended in an envelope, a hug and a cab ride". In the tough job market, it will be tough finding another one and the employees who have been fired are now questioning where they will go from here.
"If you have a job for me, please let me know," a banker from the Hong Kong branch was quoted as saying by Reuters outside the offices after he was informed that he will be let go.
Another trader said, "The equities market is not that great so I may not find a similar job, but I have to deal with it."
Germany's biggest lender had cut 18,000 jobs across numerous countries on Monday and reports state that this will not be the only mass firing. The Week claims that the bank's aim is to cut its workforce to 74,000 by 2022. This is part of a restructuring plan, which the bank announced on Sunday.
Deutsche Bank CEO, Christian Sewing, in a letter said, "First let me say this: I am very much aware that in rebuilding our bank, we are making deep cuts."
"I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively."
India has not escaped unscathed in the lay-off with employees in the Bengaluru branch bearing the brunt. "We were informed that our jobs have become redundant and handed over our letters and given approximately a month's salary," an employee who was let go said.
He added, "The mood is pretty hopeless right now, especially (among) people who are single-earners or have big financial burdens such as loans to pay. "
The employees in the New York branch learnt that their positions were cut in a meeting on Monday morning when they were summoned to the cafeteria and told that their positions were cut. They were then lead to a one-on-one meeting where they were informed of their severance and that they were being let go from the company altogether.
