EMCC European Monitoring Centre on Change

Deutsche Bank

Company/Organisation:
Deutsche Bank

Geographic Location

Country: World
Location of affected unit(s): Germany, UK.

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Group: Deutsche Bank

Employment Effects

Announcement Date: 03-02-2005
Planned Job Reductions min: 6400
Planned Job Reductions max: 6400
Type of Restructuring: Internal restructuring
Planned Job Creation: 1200

Additional Information

Deutsche Bank has unveiled plans to cut 3,280 jobs outside Germany at the same time as it announced its annual net profit had risen by 87%. Germany's biggest bank said the job cuts come on top of the 1,920 announced last December. A total of 6,400 jobs are set to disappear, as the bank said that 1,200 more posts will be transferred to countries with low wage costs. Deutsche Bank did not say where the jobs would be cut but said that jobs would be transferred from Germany to Eastern Europe and Asian countries such as China and India.