FRANKFURT/SYDNEY/HONG KONG : Deutsche Bank laid off staff in Asia yesterday as it began cutting 18,000 jobs as part of a €7.4 billion "reinvention" set to tip Germany's largest lender into yet another annual loss.
Chief executive Christian Sewing told journalists from the bank's London office, where many of the cuts are expected, that he was"doing nothing short of reinventing" Deutsche Bank, which will have been in the red for four out of the past five years as it dealt with a series of setbacks.
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