Deutsche Bank to cut 18,000 jobs around the world

The German Bank intends to completely exit activities related to the buying and selling of shares.

Deutsche Bank to cut 18,000 jobs around the world

Deutsche Bank is to cut 18,000 jobs by 2022 as part of a radical re-organisation.

The German Bank intends to completely exit activities related to the buying and selling of shares.

According to its website, it employs over 650 people at the Eastpoint Business Park in Dublin, and a further 60 in the IFSC.

Deutsche Bank is yet to specify exactly where jobs will be lost but it is believed that their European and US operations will be hit hardest.

However, they have already reportedly began to cut jobs in Sydney, Hong Kong and elsewhere in the Asia-Pacific region.

The layoffs come two months after the company’s chief executive, Christian Sewing, promised shareholders tough cutbacks to save more €1bn.

Job losses come just over a year after the bank slashed 6,000 jobs across its global business, as part of a first round of restructuring.

It flagged the need for further “extensive restructuring” in May, paving the way for the next tranche of major job losses which will impact on 20% of its global workforce.

Deutsche Bank has not revealed how many of its UK workforce will be affected.

Mr Sewing said: “We have announced the most fundamental transformation of Deutsche Bank in decades.

“We are tackling what is necessary to unleash our true potential – our business model, costs, capital and the management team.

“We are determined to generate long-term, sustainable returns for shareholders and restore the reputation of Deutsche Bank.”

The restructure comes after the bank suffered multiple blows to its reputation in recent years, including failed stress tests in the US and raids by German police in November as part of money laundering investigations.

Paul Achleitner, chairman of the bank’s supervisory board, said: “Deutsche Bank has been through a difficult period over the past decade, but with this new strategy in place we now have every reason to look forward with confidence and optimism.

“This fundamental transformation is the right response to the major changes and challenges in the financial industry.”

It had hoped to stabilise its perilous position through a merger with fellow German firm Commerzbank but scrapped plans in April, saying the risks and costs involved were too great.

The banking giant also said in 2017 that it could axe up to 4,000 roles in the UK as a result of Brexit.

Deutsche Bank said it is expecting costs of around €7.4bn by the end of 2022, which will include €3bn in the second quarter of 2019, as part of the restructuring.

The Frankfurt-based bank expects to make a €2.8bn loss for the current quarter, following the job losses.

- Press Association, with reporting from Digital Desk

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