Deutsche Bank is working on a plan to cut up to 20,000 jobs. Initiates report this to business newspaper The Wall Street Journal. These numbers represent approximately 20 percent of the total workforce. Bloomberg news agency also reports based on sources that a wave of layoffs is coming.
The investment bank division gets the biggest blows, writes Bloomberg. According to the news agency, Germany’s largest bank wants to put a line through half the workforce of the stock trading division. Many employees would also be involved in the branch where stock research is being carried out and in the derivatives and bond trading divisions.
Next month, the employees will be told if they can stay with Deutsche Bank, the sources reported. The jobs are reportedly disappearing in multiple locations such as in the United States and Asia. Deutsche Bank did not comment on the rumors.
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