Internal restructuring
United Kingdom
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64 - Financial service activities, except insurance and pension funding

1,000 jobs
Number of planned job losses
Job loss
Announcement Date
3 February 2005
Employment effect (start)
Foreseen end date


Hundreds of City jobs at Deutsche Bank will be lost in 2005 and the UK asset management business could be sold under a €1.2 billion (£820 million) cost-cutting plan. Josef Ackermann, chief executive, said in Frankfurt that 3,300 more jobs would go in 2005 on top of the 1,920 in Germany announced in December 2004 . In addition, 1,200 would be ‘smart-sourced’ from high-cost to low-cost locations such as eastern Europe and India, but also to cheaper cities in western Europe.

The bank refused to comment on reports that about 1,000 of the 6,400 redundancies would be in London but Mr Ackermann said 3,700 would be in back-office units and 2,700 in corporate and investment banking, and asset management, with the latter heavily based in the City.


  • 4 February 2005: The Guardian


Eurofound (2005), Deutsche Bank, Internal restructuring in United Kingdom, factsheet number 61087, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61087.