Layoffs Watch '16: Deutsche Bank Considering Relieving Itself Of An Extra 10,000 Employees

These would be on top of the 10k already underway.
Author:
Publish date:
By Nordenfan (Own work) [CC BY-SA 4.0], via Wikimedia Commons

via Wikimedia Commons

Yesterday Deutsche Bank announced that in light of the not great state of things at the company, a hiring freeze would be put in place. This likely upset the fewer than five people who were hoping to work for the bank. Today's rumor that the Germans might be asking an extra 5-figures worth of employees to leave and not come back? Probably a bit more upsetting!

Deutsche Bank's finance chief told staff representatives last month that job cuts at the bank could be double that planned, a step that could remove 10,000 further employees, a person with direct knowledge of the matter told Reuters...If 10,000 job losses were ultimately to follow the 9,000 announced by management in October 2015, roughly one in five of the bank's workforce around the globe would be affected.

Deutsche Bank considers thousands more job cuts - source [Reuters]

Related

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]

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]