BREAKING | Deutsche Bank employees turned away from work

Deutsche Bank employees in London have been told to clear their desks immediately, before having their security passes deactivated, according to correspondence from The Telegraph’s Lucy Burton.

The move comes after yesterday’s announcement of a huge restructure which will see 18,000 job cuts as part of a radical reorganisation – The BBC reports. CNBC reported that the bank is set to pull out of global equities sales, trading and scale back investment banking – as well as slash thousands of jobs – to improve profitability.

Burton tweeted earlier today: “Some Deutsche Bank staff in London told they have until 11am to pack up their stuff, just hours after the overhaul was announced. “I’m just trying to get my head straight,” says one person who has been told his pass will stop working in a few hours.”

Anonymously, one Deutsche Bank employee told HR Grapevine that many staff knew this was coming. "It felt like an open secret for all of last week. people knew something was coming especially when Garth Ritchie 'left by mutual agreement'."