Tough cuts at Deutsche Bank

Author: Mario Schmidtgen
Date: 02.07.2019

20,000 jobs may be affected

Apparently, Deutsche Bank is facing “hard cuts”. According to insiders, one fifth of jobs will be cut – one in five employees could lose their jobs. In total, 20,000 jobs will be eliminated.

The new restructuring plan could possibly be announced this week so insiders say, according to a report by the news agency Bloomberg. At the weekend, the Wall Street Journal already reported on the potential savings plan.

According to information from insiders, an official announcement will be made by 8 July at the latest. A decision still has to be made and the number of employees possibly affected has not yet been determined.

Deutsche Bank is preparing measures to accelerate the transformation of the Group and intends to sustainably improve profitability, a spokeswoman announced. The bank will inform “stakeholders” if necessary.

At the annual general meeting at the end of May, Sewing announced further cuts: “We are prepared to make tough cuts. We will accelerate the transformation.” In this context, the capital market business, which has recently been loss-making, has top priority.