Australia

Australia's Deutsche Bank staff to learn fate after announcement of 18,000 staff cuts

Deutsche Bank is reportedly holding meetings with its Australian staff today. (AAP)

Deutsche Bank is reportedly in meetings with its Australian staff after announcing a global downsizing plan.

Deutsche Bank is reportedly in meetings with its Australian staff to discuss how the firm's global downsizing plan will affect local operations.

The German lender announced overnight it would cut 18,000 staff worldwide as well as scrap its global equities business and scale back its investment bank in a broad, $A11.9 billion restructure.

It has been reported the bank's Australian staff are in meetings on Monday to learn what the new strategy will mean for them.

Deutsche Bank has been operating in Australia since 1973, with offices in Sydney, Melbourne and Perth.

In Australia, the bank provides services across corporate finance, equities, fixed income, currencies and global transaction banking.

Deutsche's website says its Sydney office has 700 people and is one of its four hubs, including Hong Kong, Singapore and Tokyo, in the Asia-Pacific region.

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