Deutsche Bank to cut 23k jobs or 1/4 of total staff

[lifeafter41]

FRANKFURT (Reuters) - Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday.

That would bring the group's workforce down to around 75,000 full-time positions under a reorganization being finalised by new Chief Executive John Cryan, who took control of Germany's biggest bank in July with the promise to cut costs.

Cryan presented preliminary details of the plan to members of the supervisory board at the weekend.

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A spokesman for the bank declined comment.

The bank is primarily reviewing cuts in the parts of its technology and so-called back office operations that process transactions and work orders for client-facing staff. A significant number of the some 20,000 positions in that area will be reviewed for possible cuts, a financial source said.

And so it begins....... Next will be citi, scb, etc??

 

[mojito]

Woohoo! Byebye nehneh! Firesale at Melville Park. Hurry, while stocks last!

 

[zhihau]

Woohoo! Byebye nehneh! Firesale at Melville Park. Hurry, while stocks last!

Altogether now!!! HUAT AH!!!

 

[winnipegjets]

In sinkapore, any cuts will go to sinkees. The Ah Nehs that are there will be protected. Ah Neh rules in sinkapore.

 

[Ambulance]

Woohoo! Byebye nehneh! Firesale at Melville Park. Hurry, while stocks last!

halo mai luan luan gung hor tan jin eh tio hway sio hor

[video=youtube;40zrqUPCgHE]https://www.youtube.com/watch?v=40zrqUPCgHE[/video]

 

[mojito]

In sinkapore, any cuts will go to sinkees. The Ah Nehs that are there will be protected. Ah Neh rules in sinkapore.

The article so short you never read? It say mainly technology services and back office operations. Former is indian dominant, latter has every nationality plus the token sinkie. Not even the PAP can prevent a global layoff.

 

[laksaboy]

As most bank employees, especially back office operations primarily hire Ah Nehs, this is actually a good thing.

The banking industry is a high risk/stress, high reward environment. Usually the most generous with bonuses and pay increments.
It is also the quickest to retrench in bad times.