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 64.19 - Other monetary intermediation
1,900 jobs Number of planned job losses
Announcement Date
31 July 2012
Employment effect (start)
Foreseen end date
31 December 2012
Description
German bank Deutsche Bank is planning to lay off 1,900 employees by the end of the year.
With 1,500 planned job cuts, the bank's Corporate Banking & Security arm will be most affected by the job reduction measures. The bank has also announced that the majority of the planned job cuts will be carried out outside Germany.
The job reduction plan was announced on 31 June when the Bank provided an update on its strategy review which was initiated in June this year. Although in April the Bank denied plans to down size its investment bank, this step has now been announced as a part of cost saving programme launched to help the bank to adjust to the current economic situation.
Sources
31 July 2012: Wirtschaftsblatt
Citation
Eurofound (2012), Deutsche Bank, Internal restructuring in World, factsheet number 73961, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73961.
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