Reuters, 6 Feb 2009, Saeed Azhar and Kevin Lim
SINGAPORE, Feb 7 (Reuters) - Deutsche Bank's (DBKGn.DE) wealth management arm on Friday laid off at least 50 staff in Singapore and Hong Kong as earnings from private banking plunged, two sources familiar with the situation said.
The first source, a banker in the German lender's Singapore office, said around 50 people in the city-state had lost their jobs, while the second source, who is familiar with the situation, said the cull affected over 70 bankers in Singapore and Hong Kong.
More cuts are expected on Monday, the first source said, while the second said those affected included team leaders and relationship managers.
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