Deutsche reportedly cutting 1,000 from retail division
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Deutsche Bank may be seeking to cut around 1,000 jobs from its retail division according to reports over the weekend.
The roles affected are in the bank’s headquarters in Germany and would be part of at least 7,000 jobs that chief executive Christian Sewing said he would cut when he took over in April.
The retail division has already seen cuts in client-facing investment banking roles.
Although no plan has been made public for how these job losses would be spread across Deutsche’s divisions, Sewing has said they would happen by the end of 2019.
Bloomberg says that “people briefed on the matter” have said that the retail division cuts would be across the bank’s retail operations in Frankfurt and Bonn and would eliminate duplicate back-office and middle-office functions.
If the cuts were to be made by the end of 2019, it would be contrary to an agreement Deutsche has with unions that it will not lay-off workers against their will for business reasons before 2021.
New trend?
Any cuts at Deutsche would come amid staff reductions at some other global financial institutions.
Earlier this year UBS was reported to have cut more than 100 asset manager jobs as it refocused on China and passive investing.
And last week the Wall Street Journal reported that JP Morgan was planning to cut almost 100 asset manager roles, representing a 1-2% reduction in its global headcount in the division.
