Layoffs Watch '15: Deutsche Bank Plans To Lighten Its Load By 35,000 Employees

But also, it's looking for a few good investment bankers if you know anyone who's interested, present Deutsche investment bankers excluded.
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But it's not all bad! There is both bad news and good-ish news! The bad, depending on your perspective (e.g. you're one of the people the Germans let you keep their job): about a third of Team Deutsche will be asked to leave and not come back. The good news: just as the door is slamming shut for many, it will open for a few:

Deutsche Bank AG on Thursday announced plans to eliminate 35,000 jobs from its payroll over the next two years, as part of a sweeping overhaul under new co-Chief Executive John Cryan...The overall head-count reduction includes 9,000 full-time jobs and 6,000 external contractors, plus 20,000 additional jobs that would leave Deutsche Bank through its disposal of assets, primarily the Postbank retail bank. The bank’s current full-time head count is around 100,000, not including contractors. Executives said they also plan to hire in areas where they’re investing, including parts of the investment bank and asset-management business.

Deutsche Bank to Shrink Workforce by 35,000 in Broad Revamp [WSJ]

Related: Deutsche Bank Bonus/Layoffs Watch ’15: The Bonus Is You Get To Keep Your Job


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]

Layoffs Watch '12: Deutsche Bank

The Germans are considering sending some bankers to live on a farm upstate, where there's plenty of fresh air and room to run around. Europe’s biggest bank by assets, is considering cutting about 1,000 positions at its investment bank as revenue declines, according to a person with knowledge of the matter. The cuts will be mostly outside Germany, where the firm’s investment banking operations are focused, said the person, who asked not be identified as Deutsche Bank’s plan hasn’t been made public. [Bloomberg]

Layoffs Watch '12: Deutsche Bank

The Germans are not yet done firing employees in Asia. Deutsche Bank fired around a third of the staff in its Asia equity derivatives business on Tuesday, as part of a global cost savings plan announced on July 31, according to sources familiar with the matter. Just over 20 people remain in the division, down from a number in the mid 30s, according to one source, as Deutsche Bank and others seek to cut costs in businesses that are failing to generate adequate revenues as the global economy slows. The bank let go five traders, four product structurers and at least one salesperson from the division, the sources said, adding that the numbers were not yet finalised because the discussions were continuing...These cuts follow on the heels of layoffs in June in Deutsche Bank's Asian equities business, which like its counterparts at other firms globally has been struggling this summer due to slack trading volumes and a sharp decline in new share issuance. Deutsche Bank cuts a third of jobs in Asia equity derivs [Reuters]