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
500 jobs Number of planned job losses
Announcement Date
5 October 2011
Employment effect (start)
5 October 2011
Foreseen end date
31 December 2012
Description
Josef Ackermann, the CEO of Deutsche Bank, announced that 500 jobs (out of over 10.000) will be cut within Deutsche Bank's investment banking branch. There is no clear information where and when the restructuring will start taking place but the job reductions are expected to happen in 2011/2012. Analysts state that the restructuring is due to the uncertainty in euro debt crisis and more job reductions could be done in the coming year.
Sources
5 October 2011: Sueddeutsche Zeitung
Citation
Eurofound (2011), Deutsche Bank Investment Banking, Internal restructuring in Germany, factsheet number 72469, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72469.
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