EMCC European Monitoring Centre on Change

Deutsche Bank

Company/Organisation:
Deutsche Bank

Geographic Location

Country: Germany

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 13000

Employment Effects

Announcement Date: 20-12-2017
Planned Job Reductions min: 1000
Planned Job Reductions max: 1000
Type of Restructuring: Internal restructuring
Employment Effect Start: 20-12-2017
Foreseen End Date: 31-10-2018
Other Job Reduction Measures: 1000

Additional Information

On 20 December 2017, the financial service provider Deutsche Bank announced to cut 1000 jobs as a result of its integration of Postbank. According to Deutsche Bank's CEO, cuts are necessary as Deutsche Bank aims to save €900 million in costs. However, in October 2017, Deutsche Bank announced that there will not be any operational terminations until 2021 related to the Postbank integration. Therefore, the job reduction will be implemented in the form of a volunteers programme, which will offer severance payments or early-retirement programmes to employees who are willing to leave the company. The programme will end in October 2018.