German bank, Deutsche Bank is to cut 450 directly employed and contractor roles at its Dublin office over the course of 2021. The roles being cut are mainly in its operations and technology operations. The bank plans to relocate about 250 jobs from its Dublin office to its other centres around the world.
The changes are part of the bank's global strategy, first announced in 2019, to consolidate similar infrastructure functions into fewer locations in order to simplify its operations and reduce costs.
Meanwhile, the bank has also stated that it plans to increase approximately 35 front office jobs to its Irish Corporate Bank franchise and its Data and Innovation Lab over the summer. The decision will bring its total number of employees in these two units in Dublin to about 200.
According to the Irish Times, Deutsche Bank currently employs approximately 400 workers and a further 200 contractors.