Deutsche Bank cuts back on costs, axes workers

India - Despite receiving capital for an expansion, Deutsche Bank India has decided to lay off its employees, as reported by The Economic Times.

It comes after the bank asked several of its officials to quit their jobs in an attempt to reduce costs. A senior bank official said that this decision is spurred by the prospect of making "minor adjustments in its human resources front". Moreover, there have been talks of cutting back on its staff in Singapore's operations as well.

In spite of the retrenchments, a banking industry executive noted that the number of employees in the sector have been steadily increasing over the years and this year is no exception.