Deutsche Bank to cut another 1,000 jobs in Germany in restructuring
Deutsche Bank has reached an agreement with its Group and General Works Councils and signed all remaining balance of interests agreements planned for 2016 on role reductions in Germany. After announcing the agreements on the reduction of 3,000 jobs roles in June 2016, another 1,000 jobs will now be reduced. This brings the total number of role reductions in Germany to around 4,000. These are part of 9,000 jobs being reduced worldwide to make the Group more competitive as part of Strategy 2020. The first round of negotiated agreements in June relating mainly to the private and commercial banking business in Germany are already being implemented. Negotiations during the second and third rounds covered around 450 jobs in the bank's Chief Operating Office, an infrastructure function. The remaining job reductions will be spread across the Human Resources Department, Communications & Corporate Social Responsibility, Deutsche Asset Management, Global Markets and Corporate Finance and DB Research, the macroeconomic research unit. The staff reductions will be carried out in a timely, transparent and responsible manner for every impacted employee. Whenever possible, the Bank intends to offer affected employees vacant positions within the Group. Furthermore, the bank will also assist affected employees in finding new jobs outside of the company where necessary.