• Germany edition
Hundreds of great job opportunities for foreign professionals at Germany's top employers - in cooperation with Monster, Experteer, Stepstone, and CareerBuilder.
jobs available
Find English-speaking professionals with The Local.
Advertise a vacancy
Deutsche Bank 'to cut thousands of jobs'
Photo: DPA

Deutsche Bank 'to cut thousands of jobs'

Published: 21 Sep 2012 12:50 CET

Last week, Deutsche Bank bosses announced that the company needed to save €4.5 billion. The bank's co-CEO Jürgen Fitschen did not say how that could be achieved, but admitted that the changes “would not be painless.”

The Süddeutsche Zeitung daily now says it has seen documents pointing to massive job-cuts in Germany. Previously it was thought that reductions would be made abroad.

The two documents suggest that 543 jobs at the headquarters of both Deutsche Bank in Frankfurt and its subsidiary Postbank in Bonn could be the first to go. Branch employees should not be affected in the initial stage.

But because of a 2011 agreement between the Deutsche Bank works council and bosses, there can be no forced redundancies until 2014, meaning any job cuts made over the next two years would likely have to be voluntary.

Targeted departments could well be finance, risk, personnel, book keeping, economic analysis and legal. Eighty percent of the blacklisted positions are thought to be planned for Postbank.

In a longer-term plan, “several thousand jobs could go,” an inside informer told the paper. They added that it was part of a move to unify the company's private banking sector subsidiaries under one name, the PBC Banking Service. Soon, affected firms will allegedly be using the same IT-system.

The works council has already been briefed about the changes and have received a framework outlining a social plan, the paper said. Murmurs about merging subsidiaries like Postbank and Norisbank into an overarching company have been circulating for some time among employees, the paper said.

Despite documented evidence, a spokesman from Deutsche Bank told the Süddeutsche Zeitung that no job cuts are planned.

“Together with the Postbank we have been in constructive discussions for the past year and a half with the works council about future personnel developments.” He added that nothing concrete had been decided.

The Local/jcw

The Local (news@thelocal.de)

Don't miss...X
Left Right

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

Your German Career
What do German bosses need to do to get more out of their staff? Frankfurt-based business consultant Justin Bariso has this advice.
Germany's Federal Employment Agency has identified the job sectors the country is most short of workers for. JobTalk looks at where the vacancies lie.
Students at German universities have shown themselves to be a risk-free lot in a survey by Ernst & Young. The civil service is their most popular choice of future profession, while job security is valued above all else.
Jenny Core, originally from Bolton, England, shares her tips in this week’s My German Career on being an artist in Berlin. The 27-year-old exhibits her work regularly in the city, including next to a Turner Prize shortlister.
In this week's JobTalk, Tanya Schober, who is originally from India, talks us through her journey to German citizenship.
In this week's My German Career, Anupama Gopalakrishna, who is originally from Bangalore in India, tells The Local about her new life in Frankfurt.
German Employment News
The Local speaks to experts from the German startup scene to find out how to get a job at a freshly-minted technology company.
Volkswagen hopes to put more robots to work as it says goodbye to its retiring baby boomer employees, the company's chief of human resources wrote in the Süddeutsche Zeitung on Monday.
The jobmesse deutschland (Job Expo Germany) is rolling into Berlin on Saturday as part of its annual 18-city tour. Here's why you should go if you're looking for a job in Germany.
A new study shows more and more immigrants are starting businesses in Germany, bringing some much-needed entrepreneurial spirit to the country.
It’s not quite as romantic as the Nanny Diaries, nor is it as magical as Mary Poppins. But being an au pair in Germany can be fun, as Emma Anderson finds out.
What kind of companies are hiring foreigners in Germany? And which type of firm should you target for your next career move? Recruitment expert Chris Pyak reveals all to JobTalk.

IELTS Examiners – British Council China
The British Council is recruiting a team of IELTS examiners to be based in one of our four main cities in China: Beijing, Shanghai, Guangzhou or Chongqing. This presents an exciting opportunity for new or current IELTS examiners to work in one of the world’s largest and most dynamic English language assessment environments

StepStone Deutschland GmbH
Added 10/20/14

think-cell Software GmbH
Added 10/20/14

StepStone Deutschland GmbH
Brüssel, Berlin, Düsseldorf, Warschau
Added 10/20/14

Celesio AG
Added 10/20/14

Kautex Textron GmbH & Co.KG
Added 10/20/14

StepStone Deutschland GmbH
Düsseldorf, Brussels
Added 10/20/14

StepStone Deutschland GmbH
Berlin, München, Brüssel
Added 10/20/14

JobManager24 GmbH
München / Home Office
Added 10/20/14

Bigpoint GmbH
Added 10/20/14

Churchill Frank
Added 10/20/14