Deutsche Bank Plans Substantial Job Cuts in Germany as Part of Overhaul
08 Oktober 2019 - 4:54PM
Dow Jones News
By Pietro Lombardi
Deutsche Bank AG (DBK.XE) said Tuesday that "a substantial
number" of its planned job cuts will take place in Germany.
The cuts are part of a deep overhaul the German banking giant
presented in July, which includes exiting its global-equities sales
and trading business, as well as cutting 18,000 jobs.
"There will be a substantial number of job cuts in Germany, as
it is where by far the largest share of Deutsche Bank's workforce
is based," the company said in a statement published on
Twitter.
The statement came in response to a Bloomberg report saying that
about half of the planned job cuts will be made in the bank's home
market.
Roughly 45% of the bank's 91,737 employees were based in Germany
at the end of last year, according to its 2018 annual report.
"As soon as decisions have been made regarding the exact number
of jobs to be cut, they will first be discussed with those directly
affected," Deutsche Bank said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
October 08, 2019 10:39 ET (14:39 GMT)
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