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
4,000 jobs Number of planned job losses
Announcement Date
6 June 2018
Employment effect (start)
6 June 2018
Foreseen end date
31 December 2018
Description
The German financial service provider Deutsche Bank (DB) has announced it will cut 4,000 jobs by the end of 2018 due to internal restructuring. This comes on top of 1,000 job cuts announced in December 2017. According to DB's financial chairman, by March 2018, 1,000 jobs had already been cut and over the coming year, the company is expected to reduce the number of employees from 97,000 to significantly under 90,000. An exact distribution of cuts has yet to be announced, however, it is expected that the bank’s divisions investment banking and infrastructure will be most affected.
Sources
6 June 2018: Frankfurter Allgemeine Zeitung Epaper
6 June 2018: NRZ (online)
Citation
Eurofound (2018), Deutsche Bank, Internal restructuring in Germany, factsheet number 94297, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/94297.
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