Deutsche Bank to cut 1,000 jobs as withdrawal begins for ‘backwards’ bank
DEUTSCHE Bank staff are paying the price for years of mismanagement after 300 bankers were sacked this week as part of the German giant’s messy withdrawal from investment finance. More jobs are thought to be at risk with a leading German paper claiming the final figure could rise to over 1,000.
By DAVID DAWKINS
Express.co.uk
Fri, Apr 27, 2018
Another 1,000 jobs are set to go across its sites in London, Frankfurt and New York, according to a report in German newspaper Frankfurter Allgemeine Zeitung.
One expert told Express.co.uk: “I’d have dusted off my CV some time ago, it looks like the noose is tightening.”
Deutsche Bank this week announced it was scaling back its investments operations after another CEO change and subsequent fall in profits.
A source confirmed to Reuters that 300 US jobs were cut this week, and another 100 could soon follow. The bank has so far declined to comment on, or confirm the figure.
The troubled bank has recently reported a 79 percent drop in net profit in the first quarter and new CEO Christian Sewing said the bank will now “focus on more decisively going forward”.
As such, this move forwards will inevitably involve job cuts and losses he describes as “painful but regrettably unavoidable to ensure our bank’s competitiveness in the long run”.
Octavio Marenzi, CEO of capital markets management consultancy Opimas, told Express.co.uk members of staff on the investment shop floor should be “concerned.”
He said: “The best people are going to jump ship and probably have already – I’d have dusted off my CV some time ago.
“It has been common knowledge that something was going to happen at Deutsche’s investment bank – it now looks like the noose is tightening – and they’d better get on LinkedIn quickly.”
On the source of Deutsche’s problems, Mr Marenzi saidthe previous strategy from the CEO was based on “things just getting better by themselves”, with the direction from the top being: “‘Let’s just wait until the business climate recovers and we don’t have to do anything overdramatic’.”
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