Deutsche Bank to cut as many as 450 jobs in Ireland

The job losses are mostly in technology and back office support positions based in the Dublin docklands

Deutsche is one of Europe’s largest banks but like many of the global investment banks has long been battling to boost profits in an environment of historically-low interest rates in Europe. File Picture: Andreas Gebert/Bloomberg

Deutsche Bank plans to cut up to 450 jobs in Ireland in the coming months as part of a longstanding global cost-cutting plan.

The job losses - which include 200 contract staff - hit technology and back-office support positions based in the Dublin docklands and marks the end of hopes that Ireland could potentially grow into a major European tech hub for the bank.

The 200 jobs that will remain include corporate banking services and other operations as the bank pledges that it will continue to service its corporate banking clients here. 

The bank does not operate as a retail bank in Ireland.

Deutsche is one of Europe’s largest banks but like many of the global investment banks has long been battling to boost profits in an environment of historically-low interest rates in Europe.

The bank said it will add employees for corporate banking operations in Dublin which will mean that after the job cuts it will employ around 200 staff in Ireland.

A small number of big global banks had shifted head office staff out of London and into Dublin to safeguard their locations in the EU as the Brexit crisis unfolded since the summer of 2016.

The worst fears of a no-deal Brexit were assuaged when the EU and UK struck a last-minute trade deal last December even though the future of trading financial services between Britain and the EU remains unclear.

However, Deutsche said that the Dublin job losses were part of a global review of its operations that it started two years ago.

“This move is part of a wider strategy by the bank to simplify its operations and reduce costs which was begun in July 2019,” the bank said.

“Deutsche Bank is committed to supporting its Irish corporate, institutional and private wealth clients in the region and to maintaining a significant presence in Ireland. 

Dublin will continue to be a major centre for Deutsche Bank’s corporate bank business,” it said.

“We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process. 

"Dublin will continue to be an important centre for the bank,” said Mary Campbell, who is chief country officer at Deutsche Bank Ireland.