• Germany edition
 
Hundreds of great job opportunities for foreign professionals at Germany's top employers - in cooperation with Monster, Experteer, Stepstone, and CareerBuilder.
What
Where
3,305
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.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
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
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.
German employees do the most overtime of any workers in the European Union, Social Affairs Commissioner Lazlo Andor said on Monday.
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 Labour Minister Andrea Nahles has given her backing to an anti-stress law, announcing a study into workers' mental health on Tuesday.
Germans could foot the bill for unemployment benefits in other European countries under an EU plan to tax the union's richest states.
What do Germans do in their spare time? More and more of them are working a second job, according to one study. Is work no longer paying enough and can your boss stop you taking a second job?

IT Officer (Hardware/Networking)
VFS TasHeel, leaders in Visa Processing and Delivery, is looking for an IT Officer (Frankfurt Office) who will be primary responsible for User Level Support of all VFST/VASCO systems
FULL JOB AD »

Assistant for distribution process management
You will be working in conjunction with our wholesale retailer partners and will be responsible for managing and distribution process of various consumer products. As an effective assistant for distribution process management you will organize product delivery to domestic and international customers, ensure that our clients will receive excellent service experience that we are known for.
FULL JOB AD »

Reporter
The Local in Spain is seeking a reporter to join our growing team of internationally-minded, ambitious, and clued-up journalists. You will be based in our Madrid office covering news and events in Spain for thelocal.es and building this young site's audience.
FULL JOB AD »

Motorhome Bookers
Tlde
Added 09/16/14

PwC
Stepstone
Added 09/16/14

Bigpoint GmbH
Stepstone
Added 09/16/14

Bigpoint GmbH
Stepstone
Added 09/16/14

Bertrandt AG
Stepstone
Added 09/16/14

Bigpoint GmbH
Stepstone
Added 09/16/14

EagleBurgmann Germany GmbH & Co. KG
Stepstone
Added 09/16/14

Bosch Sicherheitssysteme GmbH, Grasbrunn
Stepstone
Added 09/16/14

Bosch Sicherheitssysteme GmbH, Grasbrunn
Stepstone
Added 09/16/14

Bosch Sicherheitssysteme GmbH, Grasbrunn
Stepstone
Added 09/16/14