Deutsche Bank has announced a plan to cut 18,000 jobs as part of a €7.4 billion restructuring. The social plan will reduce the workforce of the leading German bank by 20% to 74,000 employees by 2022. This is the largest staff reduction at a major bank since 2015, when HSBC announced from 25,000 to 50,000 departures.
Deutsche Bank still had more than 100,000 employees four years ago. In May 2018, a few weeks after his arrival at the head of the management board, Christian Sewing had already announced 7,000 departures. The bank has not specified where these thousands of additional job cuts will take place, but Deutsche Bank's management board also noted a sharp reduction in the investment sector, as well as the complete abandonment of equity trading activities, which are mainly concentrated in New York and London.
In addition to investment banking, cuts should focus on so-called infrastructure activities - finance, audit, human resources - especially at headquarters.