Restructuring events
European Restructuring Monitor (ERM)
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.
Deutsche Bank, German provider of financial services and technical support to commercial banks, will close over 200 of its 720 branches in Germany by the end of 2017. About 4,000 jobs will be cut in Germany and 9,000 jobs worldwide. According to the head of Deutsche Bank’s German business activities, the bank will focus on expanding its digital business. The company plans to increasingly focus on the securities business as well as investment products for its customers, less on accounts and loans for construction projects.
Deutsche Bank is headquartered in Frankfurt am Main. Currently, around 98,000 employees are working for Deutsche Bank of which 45,000 in Germany.
Update 23/06/2016: After months of negotiating, executive board and works council finally came to an agreement. The number of branches will be reduced from 723 to 535. The closure of these 188 branches will start in the fourth quarter of 2016. Furthermore, 3,000 jobs will be cut, 200 less than originally planned. Mostly affected are employees in the retail and corporate banking area (2,500). Negotiations about the reduction of a further 1,000 jobs will be completed by the end of 2016. However, the bank plans to recruit 200 employees at its subsidiary in Leipzig and will open seven counselling centres throughout Germany in 2017 with around 360 employees. According to the works council, redundancies should be carried out as socially acceptable as possible.
Eurofound (2015), Deutsche Bank, Closure in Germany, factsheet number 85256, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85256.
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