Deutsche Bank to cut 18,000 jobs by 2022 with crying workers told to clear their desks by 11am


STAFF at Deutsche Bank’s London office were seen leaving the building clutching boxes just hours after the lender announced restructuring plans that would see 18,000 jobs axed worldwide.

Some workers were ‘told to leave their desks by 11am’ this morning and others were seen crying as they were told that their building passes would be deactivated today, reports The Daily Mail.

 Staff in London were told to clear their desks by 11am today

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Staff in London were told to clear their desks by 11am todayCredit: Reuters

Yesterday, it revealed that it would axe thousands of jobs worldwide by 2022 to in a bid to turn around the struggling lender.

The total job losses will cut the workforce by a fifth.

The investment bank, which employs more than 91,500 worldwide, has over 8,000 staff in the UK.

The bank has also announced that it will scrap its global equities business and scale back its investment bank.

 Staff members look out of the windows at Deutsche Banks London offices

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Staff members look out of the windows at Deutsche Banks London officesCredit: Getty Images – Getty
 Deutsche Bank has said it will cut 18,000 jobs over the next three years

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Deutsche Bank has said it will cut 18,000 jobs over the next three yearsCredit: AP:Associated Press

It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of the restructure.

Deutsche said that it would also cut its fixed income operations, especially its rates business.

It will also create a new unit to “wind-down” unwanted assets, with a value of 74billion euros of risk-weighted assets.

The pledge came after Deutsche failed to agree a merger with rival Commerzbank.

The German government had backed the merger and believed it would create a national champion in the banking industry, but both firms backed out after agreeing it would be too risky.

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 Staff take in pizza delivery as some workers are told that their jobs have been axed

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Staff take in pizza delivery as some workers are told that their jobs have been axedCredit: PA:Press Association

Reports ahead of the decision had suggested that Deutsche Bank could cut as many as 20,000 jobs.

The bank had previously suggested it would reduce headcount to 74,000 employees by 2022.

The lender’s supervisory board met on earlier today to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis.

Christian Sewing, Chief Executive Officer of Deutsche Bank, said that the lender “remains committed to [its] global network”.

He added: “We are tackling what is necessary to unleash our true potential: our business model, costs, capital and the management team.

“We are building on our strengths. This is a restart for Deutsche Bank – for the long-term benefit of our clients, employees, investors and society.”


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