Deutsche Bank has made the first of the 18,000 job cuts announced on Sunday as part of a radical reorganisation.

Teams of share traders in Tokyo and other offices in Asia were told on Monday that their jobs were going.

Shares in Deutsche Bank were down nearly 2% by mid-morning as investors reacted to the shake-up.

A spokesperson said the aim of the changes, which will shrink its investment banking business, was to make the bank “leaner and stronger”.

Deutsche Bank is yet to specify exactly where the rest of the jobs will be lost.

But it will pull out of activities related to trading shares, much of which takes place in London and New York.

With almost 8,000 staff, Deutsche Bank is one of the biggest employers in the City

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