Germany’s Deutsche Bank Initiates Job Reductions

Deutsche Bank of Germany has commenced the implementation of the first wave of the previously announced 18,000 job reductions.

The job cuts will predominantly impact employees working in the bank’s share trading division.

Deutsche Bank personnel stationed in Tokyo, New York, and London were informed about the termination of their roles. Some London-based staff opted to stay home upon learning that their access passes would no longer be valid post 11:00 AM local time. While specific details about the job cuts are yet to be disclosed by the German bank, the reductions are intended to streamline operations while the bank shifts its focus to other areas.

Deutsche Bank has been grappling with significant challenges as of late. The bank has already unveiled plans to slash 74,000 positions from its worldwide workforce by 2022. This initiative is part of a substantial restructuring endeavor that will also involve an expenditure of approximately USD $8.3 billion within the same timeframe. “We have chosen to concentrate our resources on sectors where our clients most require our services…” a spokesperson informed the BBC.

The upheaval leading to these workforce reductions was triggered by an unsuccessful merger attempt with Deutsche Bank’s counterpart, Commerzbank. The proposed merger fell through in April, after a prolonged period of decline at Deutsche Bank’s investment arm and a string of lackluster performances in recent times.

While Deutsche Bank’s equities operations in Asia are centered in Hong Kong, the staff reductions will have an impact across various locations in Asia. Regarding the bank’s operations in the UK, Deutsche Bank stands as one of the largest employers in London, boasting nearly 8000 workers. “The current market conditions are challenging. There is not a high demand for recruiting additional traders,” a visibly disheartened former employee conveyed to the BBC.