December 17, 2008

Deutsche Bank AG, Europe’s biggest investment bank by revenue, eliminated at least 60 jobs in Japan, mainly at its Global Markets division, two people familiar with the matter said.Deutsche Securities Inc., which employs about 1,000 in Japan, fired staff in its securitization, credit and trading businesses last week, the people said, declining to be identified as no public announcement has been made.

The bank joins Morgan Stanley, Citigroup Inc. and Credit Suisse Group AG in cutting jobs in Japan, where Deutsche Bank posted record revenue last fiscal year. Credit Suisse is shedding at least 30 jobs in the country and paring back its local asset- backed securities business, people familiar with the matter said yesterday.

“Japan is not excepted from the global slowdown,” said Neil Katkov, senior vice president of Celent LLC, a Boston-based financial research firm. “The cutbacks are also an indication of the exceptional pain foreign firms are experiencing in their home countries.”