Layoffs Watch '15: Deutsche Bank, Maybe - Dealbreaker

Layoffs Watch '15: Deutsche Bank, Maybe


The Germans are currently mulling over the idea of asking a number of employees to mosey on out of the building and not come back.

Deutsche Bank AG is weighing options such as job cuts and the sale of assets, including its Postbank consumer-lending unit, as Germany’s biggest bank reviews its strategy, a person with knowledge of the matter said. Anshu Jain and Juergen Fitschen, Deutsche Bank’s co-chief executive officers, yesterday gave a dim assessment of the revenue outlook and pledged to update their strategy by the end of June. No decisions have been made on what steps will be taken, said the person, who asked not to be identified before the review is completed. Jain and Fitschen told investors when they took charge in 2012 that sticking with trading businesses would pay off this year as competitors retrenched. Deutsche Bank shares fell 33 percent in the past 12 months, the biggest decline among top global investment banks, as trading revenue decreased and litigation costs soared.

Deutsche Bank Said to Weigh Job Cuts, Asset Sales [Bloomberg]


Layoffs Watch '12: Deutsche Bank

The Germans thought about it and decided yes, layoffs sound like a great idea. Deutsche Bank said it will eliminate 1,900 jobs, including 1,500 at the investment bank, as part of an effort to save 3 billion euros ($3.68 billion). Deutsche Bank, based in Frankfurt, forecast “substantial costs” to achieve the savings without giving a figure in a statement to the stock exchange today. The job reductions are part of a strategy review Anshu Jain and Juergen Fitschen, Deutsche Bank’s new co-chief executive officers, are conducting as the lender grapples with declining revenue from the investment bank, which reported a 63 percent decline in second-quarter earnings today...“The time for vague promises of cultural change in our industry is long gone,” Jain said on a conference call with analysts and reporters. Deutsche Bank’s leaders are “totally determined to act quickly and decisively.” Deutsche Bank To Cut 1,900 Jobs In Bid To Save EU3 Billion [Bloomberg]