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Deutsche Bank set to cut 9,000 jobs in Germany

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Deutsche Bank set to cut 9,000 jobs in Germany
Shareholders at Deutsche Bank's annual meeting at its Frankfurt headquarters in May. Photo: DPA
16:04 CEST+02:00
The German financial institution will be cutting 18,000 positions worldwide, 9,000 of them in Germany, according to a report released Tuesday.

The company employs 41,500 people in Germany, and 91,700 worldwide. The cuts will therefore affect every one in five of its positions. 

Deutsche Bank head Christian Sewing previously said that “a substantial number” of jobs would be affected by upcoming cuts, but did not specify an exact figure.

The largest number of Deutsche Bank jobs are in its home market (45.7 percent), which is headquartered in Frankfurt, with the second largest number of positions in India (13.3 percent).

READ ALSO: Deutsche Bank could slash up to 20,000 jobs

The German banking giant has refused to comment on the regional distribution of the cuts, as internal talks have not yet concluded, according to a Bloomberg report.

But in addition to Germany, the UK - where 8.7 percent of its jobs are based - will also be strongly affected, in part due to Brexit, according to the report.

According to earlier statements by Sewing, all of the job cuts are to take place by the end of 2021.

Through the cuts, Sewing is seeking to bring the bank’s ongoing crisis to a close.  After three years of losses and only a small profit in 2018, Deutsche Bank fears it will again see red figures in 2019.

According to Sewing, the core of the newly restructured Deutsche Bank will be a so-called Corporate Bank division, which will be responsible for medium-sized companies, family businesses and multinationals. 

Within its Capital Markets Division, the bank intends to concentrate on loans, bonds and currencies, as well as on advisory services. 

The bank will withdraw completely from global equity trading, which has resulted in significant losses, it says. 

The bank has put the cost of the restructuring at 7.4 billion, which it says it wants to bear from its own resources. 

Vocabulary

Financial institution - (das) Geldhaus

According to - Gemäß (followed by Dativ)

Job cuts - Jobabbau (colloquial); Stellenabbau (official)

medium-sized companies - (die) Mittelständler

To put (a number on something) - beziffern

We're aiming to help our readers improve their German by translating vocabulary from some of our news stories. Did you find this article useful? Do you have any suggestions? Let us know.

 

 

 
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