The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.19 - Other monetary intermediation
1,190 jobs Number of planned job losses
Announcement Date
12 April 2021
Employment effect (start)
12 April 2021
Foreseen end date
31 December 2022
Description
As confirmed on 12 April 2021, the German financial service provider Deutsche Bank will cut 1,190 jobs in Germany as part of a large-scale closure of local branches until the end of 2022 due to internal restructuring. According to Deutsche Bank, cuts are a reaction to the changing consumer behaviour and the increase of online banking. Thus, the restructuring programme involves the closure of 97 of 497 Deutsche Bank branches until the end of 2021 and the closure of 50 of 800 Postbank branches each year until the end of 2022.
Management and works’ council have already reached an agreement that includes severance payments as well as part-time and early-retirement programmes.
The German restructuring plan of Deutsche Bank is part of worldwide restructuring programme (Deutsche Bank, 2019) announced in 2019 including the loss of 18,000 of 74,000 Deutsche Bank employees until the end of 2022.
Eurofound (2021), Deutsche Bank, Internal restructuring in Germany, factsheet number 104577, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/104577.
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