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
18,000 jobs Number of planned job losses
Announcement Date
7 July 2019
Employment effect (start)
1 August 2019
Foreseen end date
1 January 2022
Description
Deutsche Bank has announced a plan to cut 18,000 jobs as part of a €7.4 billion restructuring. The social plan will reduce the workforce of the leading German bank by 20% to 74,000 employees by 2022. This is the largest staff reduction at a major bank since 2015, when HSBC announced from 25,000 to 50,000 departures.
Deutsche Bank still had more than 100,000 employees four years ago. In May 2018, a few weeks after his arrival at the head of the management board, Christian Sewing had already announced 7,000 departures. The bank has not specified where these thousands of additional job cuts will take place, but Deutsche Bank's management board also noted a sharp reduction in the investment sector, as well as the complete abandonment of equity trading activities, which are mainly concentrated in New York and London.
In addition to investment banking, cuts should focus on so-called infrastructure activities - finance, audit, human resources - especially at headquarters.
7 July 2019: Frankfurter Allegemeine (www.faz.net)
Citation
Eurofound (2019), Deutsche Bank, Internal restructuring in World, factsheet number 98102, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98102.
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