The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
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
Announcement Date
3 February 2005
Employment effect (start)
Foreseen end date
Description
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.
Sources
4 February 2005: The Guardian
Citation
Eurofound (2005), Deutsche Bank, Internal restructuring in United Kingdom, factsheet number 61087, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61087.
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