Sydney/Hong Kong — Deutsche Bank eliminated whole teams at its Asian operations on Monday, as the German lender began axing 18,000 jobs globally in one of the biggest overhauls at an investment bank since the aftermath of the financial crisis.

The lender announced the job losses on Sunday as part of a restructuring plan that will ultimately cost €7.4bn and see it undo years of work aimed at making its investment bank a major force on Wall Street.

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