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Homepage / Business / Deutsche Bank crisis: 9,000 jobs to go in Germany and 9,000 across globe
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Business

Deutsche Bank crisis: 9,000 jobs to go in Germany and 9,000 across globe

The crisis-hit lender employs about 41,700 staff in Germany out of a global headcount of 91,700. The sources said London would also be hit especially hard but the US may see a lower share of front-office cuts once the bank has exited its equities trading business. 

CEO Christian Sewing unveiled bank’s most radical restructuring in recent history in July with massive staff reductions a key part of his plan.

The number if redundancies in Germany will come as a shock as Mr Sewing previously indicated the country would see only its “fair share” of cuts.

The latest news also comes as an economic slowdown takes hold of Europe’s largest economy and the risk of a recession increases.

READ MORE: Deutsche panic: Economist warns of massive global economic downturn

Deutsche Bank

Deutsche Bank HQ (Image: GETTY)

Deutsche Bank CEO Christian Sewing

Deutsche Bank CEO Christian Sewing (Image: GETTY)

And while Deutsche Bank has yet to detail the cuts to its retail bank it is clear they will also be large-scale.

A spokesman for the bank said: “We do not communicate details of the planned job cuts on a regional or divisional level.

“We are communicating directly with our works council and our employees regarding their jobs and options available to them.”

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Deutsche Bank is one of a number of large lenders to announce major jobs cuts with HSBC shedding up to 10,000 roles by selling off its retail operations in France.

Between them, European lenders have officially announced plans for more than 50,000 job cuts in the past 12 months, according to industry analysts.

Pervious rounds of redundancies at Deutsche Bank have usually featured the sales of entire units such as retail operations in Poland and Portugal but the latest plan does not include any sell-offs.

Mr Sewing has said most of the planned cuts will happen by the end of 2021.

And as well as job cuts, the bank also announced plans to shut its lossmaking equities trading business and slash its bond and rates trading operations.

Deutsche has been dogged by declining revenue, soaring costs and misconduct scandals in recent years, having failed to recover from the 2008 financial crisis.

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