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: 97000

Employment Effects

Announcement Date: 06-06-2018
Planned Job Reductions min: 4000
Planned Job Reductions max: 4000
Type of Restructuring: Internal restructuring
Employment Effect Start: 06-06-2018
Foreseen End Date: 31-12-2018
Other Job Reduction Measures: 4000

Additional Information

The German financial service provider Deutsche Bank (DB) has announced it will cut 4,000 jobs by the end of 2018 due to internal restructuring. This comes on top of 1,000 job cuts announced in December 2017. According to DB's financial chairman, by March 2018, 1,000 jobs had already been cut and over the coming year, the company is expected to reduce the number of employees from 97,000 to significantly under 90,000. An exact distribution of cuts has yet to be announced, however, it is expected that the bank’s divisions investment banking and infrastructure will be most affected.