Staff were told to pack up their belongings this morning (Picture: Reuters)

Despondent staff at Deutsche Bank’s London and New York officers cleared their desks today as the German company cut 18,000 jobs.

Pictured carrying boxes of their belongings, workers left work this morning after the bank announced its global restructuring plans.

Some of the London staff drowned their sorrows at the nearby Balls Brothers pub while others were seen picking up a huge delivery of pizzas.

The firm is shrinking its bond and rates trading operations by axing jobs and is closing its lossmaking equities trading business, MailOnline reports.


Deutsche Bank has not said how many workers in London are losing their jobs, but its 91,500 global workforce is set to be cut down to 74,000.



Job losses are expected to hit Frankfurt, where new labour laws make it easier to fire higher earners.

Staff were seen picking up a massive pizza delivery after the mass redundancies (Picture: PA)

Staff leave the bank’s Manhattan headquarters with white envelopes in hand (Picture: Getty)

The bank is cutting its workforce from 91,500 to 74,000 (Picture: AFP/Getty)

Deutsche Bank expects to save £5.4 billion annually with its job cuts, having also sacked staff in Sydney, Hong Kong and across the Asia-Pacific region

One employee told the Financial Times: ‘This is really sad what is going on right now in the bank, but I guess from top management’s point of view that is what is needed to be done.’

The Frankfurt based bank says it will not fire retail employees in Germany against their will until mid-2021.

People left the office for the last time hours after the firm announced its restructuring plans (Picture: PA)

The bank has paid billions in fines and settlements in recent years (Picture: Reuters)

Deutsche Bank has shelled out billions in fines and settlements before and after the 2008 financial crash, including a $7.2 billion settlement to the US government over selling mortgage backed bonds to people with poor credit.

It was also one of the few banks to lend to Trump after a series of corporate bankruptcies and defaults going back to the early 90s.

The company has been subpoenaed by two US congressional committees as part of their investigations into Mr Trump and his business dealings.

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