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
7,000 - 10,000 jobs Number of planned job losses
Announcement Date
24 May 2018
Employment effect (start)
1 June 2018
Foreseen end date
1 January 2019
Description
The German financial service provider Deutsche Bank (DB) has announced it will cut 4,500 jobs by the end of 2018 due to internal restructuring and 3,000 more by 2019. According to its CEO, the bank could bring the total number of employees from 97,500 in December 2017 down to below 93,000 this year and “well below” 90,000 by 2019, so that the total job cuts could reach 10,000. The bank’s investment banking and corporate divisions will be most affected. One in four jobs in its equities sales and trading business will be axed. The DB expects a restructuring costs of €800 million for 2018. However, according to the Financial Times, 'cutting the workforce so far has been less costly than expected" as over the first six months of 2018, restructuring costs stood at €280m.
Eurofound (2018), Deutsche Bank, Internal restructuring in World, factsheet number 94718, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94718.
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