EMCC European Monitoring Centre on Change

Deutsche Bank

Company/Organisation:
Deutsche Bank

Geographic Location

Country: World
Location of affected unit(s): Germany, other countries

Company

Sector: Financial services
Financial and insurance activities
64.19 - Other monetary intermediation
Number Employed: 100682

Employment Effects

Announcement Date: 31-07-2012
Planned Job Reductions min: 1900
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2012

Additional Information

German bank Deutsche Bank is planning to lay off 1,900 employees by the end of the year.

With 1,500 planned job cuts, the bank's Corporate Banking & Security arm will be most affected by the job reduction measures. The bank has also announced that the majority of the planned job cuts will be carried out outside Germany.

The job reduction plan was announced on 31 June when the Bank provided an update on its strategy review which was initiated in June this year. Although in April the Bank denied plans to down size its investment bank, this step has now been announced as a part of cost saving programme launched to help the bank to adjust to the current economic situation. 

Sources:

31-07-2012Wirtschaftsblatt

Sources Links:

http://www.wirtschaftsblatt.at/home/boerse/binternational/527373/index.do https://www.deutsche-bank.de/ir/de/content/ir_informationen_2012_4037.htm http://www.reuters.com/article/2012/07/31/deutschebank-profit-jain-idUSWEA839820120731