Layoffs Watch ’21: Deutsche Bank
You’d think that 18,000 layoffs would have turned Deutsche Bank into as tight a ship as it could be. (Which, in fairness, is not necessarily a ship you'd feel entirely comfortable sailing, but all the same.) That after slashing its U.S. investment bank and other formerly core functions to the bone and beyond, that there’d be nothing left to lose. Well, you’d then not be Deutsche CFO James von Moltke, looking for creative ways to pay some unexpected bills. And if you’re working in a back office function, you are that way.
Chief Financial Officer James von Moltke told shareholders attending the bank’s virtual annual general meeting on Thursday that there was “wiggle room” for savings, “for example by interlocking more closely the back office of the corporate bank and the investment bank.”
There’s also some wiggle room to be found in London, but which von Moltke means room to shimmy you to the world’s most boring global Alpha city. Assuming you are rehired for your own job.
The changes will see about 100 jobs move to cities like Berlin, Dublin, Frankfurt and various cities across Asia, according to people familiar with the matter, who asked not to be identified discussing private matters. While some London-based staff can reapply for their jobs in the new locations, they will be required to take a pay cut…. While a small number of the moves are related to Britain’s departure from the EU, most are part of attempts to reduce costs in pricey locations like London and move staff closer to the clients they serve, according to the people familiar.
Deutsche Bank Considers More Cuts to Back Office Amid Cost Headwinds [Bloomberg]
Deutsche Bank to Relocate 100 Roles From London to Cut Costs [Bloomberg]
