Layoffs Watch '11: Deutsche Bank Has No Idea What You're Talking About

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The Germans would like to put it out there that they have no plans to "win market shares" by purging employees, despite reports suggesting otherwise.

Deutsche Bank AG, Germany’s largest bank, doesn’t plan any new cost-cutting programs, said two people familiar with the matter, after the Financial Times Deutschland reported the company is weighing more reductions. The newspaper said the firm may decide to save between 1 billion euros ($1.43 billion) and 2 billion euros a year from 2012, and may make job cuts at the investment bank. No decision has been made about whether and how much the bank would save should the economic situation worsen, the paper said, without citing anyone. Deutsche Bank, based in Frankfurt, wants to win market share and already has savings programs, spokesman Christian Streckert said today. He declined to comment further.

[Bloomberg]

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