The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial Service Activities, Except Insurance And Pension Funding
2,700 jobs Number of planned job losses
Announcement Date
1 February 2024
Employment effect (start)
1 February 2024
Foreseen end date
31 December 2025
Description
On 01 February 2024, German financial services provider Deutsche Bank announced to cut another 2,700 jobs. This reduction in personnel is in addition to the shedding of 800 jobs already announced in 2023 (Deutsche Bank-2023-DE.
Due to a loss in profits, the bank wants to optimise its cost structure and realise job cuts by the end of 2025. The job cuts will be realised primarily in areas not directly linked to customers. In detail, the financial service provider wants to streamline its sales network and optimise internal processes. Overall, the bank is quoted to wanting to save a €1.6 billion with these restructuring measures.
Deutsche Bank employs over 90,000 people world wide and nearly 36,000 employees in Germany. The company also announced to distribute capital worth €1.6 billion to its shareholders in the first half of 2024.
1 February 2024: Deutsche Bank Press Release (www.db.com)
Citation
Eurofound (2024), Deutsche Bank, Internal restructuring in Germany, factsheet number 200816, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200816.
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