Human Resources

Toggle

Article

Deutsche Bank lays off 18,000 employees worldwide



Mark your calendars as the crowd's favourite candidate and employee experience conference, Talent Experience Forum is back!
Happening only in KL, Malaysia on 5 November. Register your seat early because you will be hearing top insights from C-suite and senior HR leaders from Dell, Digi, GoCar, IPG Mediabrands, Nestle, Tesco, Unilever and more.

閱讀中文版本

On Monday (8 July), Deutsche Bank dropped a bombshell when it axed 18,000 employees from its global workforce. Offices as far afield as Hong Kong, Sydney and New York were hit, in what the German investment bank has called a 7.4 billion euro (US$8.3 billion) “reinvention”.

Hundreds of employees at the German lender’s Wall Street office in New York were summoned to the company cafeteria on Monday morning to be told of the bad news, it was reported on Reuters.

During one-on-one meetings with senior management and human resources, employees were informed of their redundancies and advised of their severance terms.

In Hong Kong, one laid-off equities trader said the mood was “pretty gloomy” as people were called into meetings, it was reported on the Business Standard website.

“They give you this packet and you are out of the building,” he said.

In London, where more job cuts were anticipated, Deutsche Bank CEO Christian Sewing said he was “reinventing” the bank.

“We are creating a bank that will be more profitable, leaner, more innovative and more resilient,” he was reported as saying on Sunday.

Deutsche Bank – established in 1870 – had a global workforce of 91,500 before Monday. The job cuts represent almost 20% of its entire workforce.

The German investment bank had been one of the few European banks to keep a significant presence in the United States following the global financial crisis (2007-2009). But it has since found it difficult to compete with its US rivals, driven by regulatory investigations and litigation.



Less than 2 weeks to Learning & Development Asia. Speakers from Boeing, Marriott, Monetary Authority of Singapore, Shell, Singapore Exchange, Unilever confirmed to speak with more than 150 attendees.
Last few seats available, you don't want to miss it. Register now.

Read More News

Trending