Deutsche Morgan Grenfell (DMG) is to pull its equities team out of Indonesia and shake up its Philippine operations as part of a continuing regional consolidation. In December, it announced the closure of its equity sales offices in South Korea, India and Thailand. Asian head of equities Mark Cullen said: 'This continues the process we began last summer of consolidating our regional equities operations into our Hong Kong and Singapore hubs and streamlining our regional equities business. 'These measures enable us to integrate our regional operations more effectively into our global equities platform, concentrate our sales force where the majority of our institutional clients are located, and significantly reduce operating costs.' About 15 front-office redundancies are expected in Jakarta. DMG plans to remain in Manila, where it has a stock-exchange seat, but has not decided in what form. A DMG spokesman said once the changes in Jakarta and Manila had been made, DMG would have completed its regional equities revamp. But that does not necessarily mean the redundancies are over. Having been badly burnt by the Asian financial crisis, DMG's parent, Deutsche Bank, last month announced plans for a global restructuring that it warned might lead to further job losses. It has made a provision of 1.4 billion deutschemarks (about HK$5.95 billion) to cover risks arising from its nine billion mark exposure to South Korea, Malaysia and Thailand, and set aside 2.5 billion marks to cover redundancies. Deutsche Bank said it would merge its investment and corporate banking services to create five divisions and drop the Morgan Grenfell name as part of several changes to be made in the next three years.