Koichiro Yasuda, Deutsche Bank’s head of corporate financing coverage in Japan, has resigned, as the bank this week cut about 20 banker jobs in Japan, a source said. The move was part of the German bank’s global effort to slash costs in response to the significant slowdown in client activity.
On October 4, Deutsche Bank said in a statement that it plans to reduce its headcount by about 500 positions in the corporate banking and securities division during the fourth quarter of 2011 and the first quarter of 2012, primarily outside Germany. The source said that Japan is taking the share of these global cuts.
Deutsche Bank isn’t alone in reducing jobs in the industry, which continues to face a challenging environment since the financial crisis and now due to the eurozone debt crisis.
Mizuho Securities announced in early October that it plans to eliminate about 700 jobs by the end of the fiscal year, or 10% of its workforce. A slew of other banks are also moving to cut jobs in Japan, including Mitsubishi UFJ Morgan Stanley, according to media reports.
As developed economies struggle to fend off another recession, Citigroup chief executive officer Vikram Pandit reportedly said this week that the bank will cut about 4,500 jobs in coming quarters to trim costs.
HSBC also said in August that it will cut 30,000 jobs worldwide, including Hong Kong, and is seeking to re-focus on emerging markets.