Deutsche Bank

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Germany, United Kingdom
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
6,400 jobs
Number of planned job losses
Job loss
1,200 jobs
Number of planned job creations
Job creation
Announcement Date
3 February 2005
Employment effect (start)
Foreseen end date

Description

Deutsche Bank has unveiled plans to cut 3,280 jobs outside Germany at the same time as it announced its annual net profit had risen by 87%.

Germany's biggest bank said the job cuts come on top of the 1,920 announced last December.

A total of 6,400 jobs are set to disappear, as the bank said that 1,200 more posts will be transferred to countries with low wage costs.

Deutsche Bank did not say where the jobs would be cut but said that jobs would be transferred from Germany to Eastern Europe and Asian countries such as China and India.

Sources

  • 3 February 2005: BBC News
  • 12 February 2005: Rzeczpospolita

Citation

Eurofound (2005), Deutsche Bank, Internal restructuring in World, factsheet number 61125, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61125.