EMCC European Monitoring Centre on Change

Deutsche Bank

Company/Organisation:
Deutsche Bank

Geographic Location

Country: World
Location of affected unit(s): Germany, United States, various locations

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 97000

Employment Effects

Announcement Date: 24-05-2018
Planned Job Reductions min: 7000
Planned Job Reductions max: 10000
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-06-2018
Foreseen End Date: 01-01-2019

Additional Information

The German financial service provider Deutsche Bank (DB) has announced it will cut 4,500 jobs by the end of 2018 due to internal restructuring and 3,000 more by 2019. According to its CEO, the bank could bring the total number of employees from 97,500 in December 2017 down to below 93,000 this year and “well below” 90,000 by 2019, so that the total job cuts could reach 10,000.  The bank’s investment banking and corporate divisions will be most affected. One in four jobs in its equities sales and trading business will be axed. The DB expects a restructuring costs of €800 million for 2018. However, according to the Financial Times, 'cutting the workforce so far has been less costly than expected" as over the first six months of 2018, restructuring costs stood at €280m.

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