Deutsche Bank cuts 10 private banking roles in Asia: report

The bank has cut about 60 roles in Singapore and Hong Kong over the past year.

Deutsche Bank has reportedly cut 10 private banking roles in Asia last week, reports Bloomberg, based on anonymous sources.

As many as 60 roles have been cut in Singapore and Hong Kong at the German over the past year, the sources said, who asked not to be identified as the information is private.

These include relationship managers that joined from Credit Suisse for Greater China, the sources said.

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The job cuts may be due to China’s economic slowdown, which has resulted in subdued revenues for many wealth managers.

Deutsche Bank is not the first to cut roles. UBS Group notably cut 70 roles in the past year, also in Singapore and Hong Kong.

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