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
1,000 jobs Number of planned job losses
Announcement Date
20 December 2017
Employment effect (start)
20 December 2017
Foreseen end date
31 October 2018
Description
On 20 December 2017, the financial service provider Deutsche Bank announced to cut 1000 jobs as a result of its integration of Postbank. According to Deutsche Bank's CEO, cuts are necessary as Deutsche Bank aims to save €900 million in costs. However, in October 2017, Deutsche Bank announced that there will not be any operational terminations until 2021 related to the Postbank integration. Therefore, the job reduction will be implemented in the form of a volunteers programme, which will offer severance payments or early-retirement programmes to employees who are willing to leave the company. The programme will end in October 2018.
Sources
20 December 2017: FAZ (E-Paper)
20 December 2017: Spiegel (Online)
Citation
Eurofound (2017), Deutsche Bank, Internal restructuring in Germany, factsheet number 92863, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92863.
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