Deutsche Bank Plans up to 20,000 Job Cuts
Deutsche Bank is considering cutting 15,000 to 20,000 jobs, or more than one in six full-time positions globally as the supervisory board of the bank will meet on July 7 to discuss major changes in the organization that will result into loss of jobs.
The layoffs are said to take place over more than a year and in addition to job cuts, the German bank is also planning to restructure the management board. No final decisions have been made yet. The bank is completing a plan that may eliminate hundreds of positions in equities trading and research, as well as derivatives trading, as part of a broad restructuring
Deutsche Bank is completing a plan that may eliminate hundreds of positions in equities trading and research, as well as derivatives trading, as part of a broad restructuring. The multinational investment bank said it was working on measures to accelerate its transformation to improve its sustainable profitability and they update all stakeholders when the time is right.
As the management board came together to plan the better future of the bank, they have reached consensus that a large cut is required to in the banks US equities and rate and trading businesses.
Trying its best to stay at par with its giant competitors like JP Morgan and Goldman Sachs, has also struggled to generate profits since 2008.
The bank has a strength of 91,463 employees on board and is planning to drastically bring that number down to way lesser than 90,000. In the cost cutting process, Deutsche also plan to cut down on the probable assets in the next few years.