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 64.30 - Trusts, funds and similar financial entities
140 jobs Number of planned job losses
Announcement Date
18 July 2017
Employment effect (start)
18 July 2017
Foreseen end date
Description
On 18 July 2017, the financial service provider Deutsche Bank announced it will cut about 140 out of 800 jobs within its Wealth Management Department in Germany.
Deutsche Bank plans to focus its asset management business on particularly wealthy customers. The limit for the minimum investable assets will be 2 million Euro. The 10% to 15% of customers in the lower range will be moved to the private banking business. Daniel Kalczynski, joint managing director of Deutsche Bank's Wealth Management, believes that customers with lower assets require standard products and will therefore be better served with digital products in the private banking business.
The restructuring measures will see 140 jobs transferred to private banking or cut altogether. Deutsche Bank aims to implement the job cuts mainly through natural fluctuation. Some new staff members will also be employed, but no exact figures have not been released so far.
Sources
18 July 2017: Frankfurter Allgemeine Zeitung
18 July 2017: WirtschaftsWoche
Citation
Eurofound (2017), Deutsche Bank , Internal restructuring in Germany, factsheet number 91634, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91634.
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