Thousands of City workers have been left fearing for their futures after Deutsche Bank said it would cut 18,000 jobs across its global business.
The firm, which employs around 8,000 people in the UK, told staff the details of the major redundancy plans at its London offices this morning.
Some reports have come in of people leaving the office carrying boxes while the Mail reports some traders have been left "in tears" .
A spokeswoman for the bank told Mirror Money that this wasn't the end of its operations in London though.
"We regret that the changes we are making will affect some of our colleagues and we will do everything we can to support them,” she said.
"Deutsche Bank will remain an international bank. That’s what our clients need. We opened our first branch in London in 1873, and today we remain one of the largest employers in the City of London.
"We will retain a significant presence here and remain a close partner to our UK clients and to international institutions that want to access the London market."
Deutsche Bank chief executive Christian Sewing told staff the news in an almost 2,000-word memo sent round this morning.
"I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you," he wrote.
"In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively."
He added: "I can assure you that my colleagues and I appreciate that this impacts people and affects their lives in a profound way.
"That is why we will do whatever it takes to implement these cuts as responsibly as possible – I consider it our duty to do so.
"The works councils and employee representatives will be consulted where applicable and statutory participation rights will be safeguarded.
"Taking this decision has not been easy. It has far-reaching consequences for our bank – the bank that I have been working at for almost thirty years now."
Paul Achleitner, chairman of the bank's supervisory board, said: "Deutsche Bank has been through a difficult period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism.
"This fundamental transformation is the right response to the major changes and challenges in the financial industry."
Deutsche Bank had hoped to stabilise its perilous position through a merger with fellow German firm Commerzbank but scrapped plans in April, saying the risks and costs involved were too great.
Deutsche Bank said it is expecting costs of around €7.4billion (£6.6 billion) by the end of 2022, which will include €3billion (£2.7 billion) in the second quarter of 2019, as part of the restructuring.
The Frankfurt-based bank expects to make a €2.8billion (£2.5 billion) loss for the current quarter, following the job losses.
