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Deutsche Bank 'to cut thousands of jobs'

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Deutsche Bank 'to cut thousands of jobs'
Photo: DPA
12:50 CEST+02:00
Fresh rumours have surfaced of mass job cuts at Deutsche Bank, a daily paper revealed on Friday. Several thousand jobs could be lost amid restructuring aimed at saving the company billions.

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

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