View more on these topics

Deutsche Bank begins 18,000 job cuts in ‘fundamental transformation’ of bank

Staff at Deutsche Bank are being told to leave as early as today in a swingeing round of job cuts by the bank.

The job losses were officially announced on Sunday after reports emerged of a major restructuring plan to improve profitability.

The first areas to fall will be its global equities business and part of its fixed income operations.

A clear geographic breakdown of where the cuts will fall has yet to be presented, but reports have emerged of staff leaving offices in Sydney, Hong Kong and elsewhere in the Asia-Pacific already as they started the Monday morning shift.

Reuters reports bankers leaving Deutsche’s Sydney office had been told they had been cut, departing the office before returning later to look at redundancy packages.

A source tells the news agency that the equity capital markets team in Australia was being broken up, along with several sales and trading teams, with equity capital markets headcount across the wider Asia-Pacific region also being wound down.

The reduction programme is expected to cost Deutsche €3bn (£2.7bn) in the second quarter of 2019, with a total of €7.4bn expected to be spent by the end of 2022.

In Sunday’s statement to staff chief executive Christian Sewing said: “After further stabilising our bank last year, we are now entering the next phase – and that means nothing less than a fundamental transformation of our bank.

“First let me say this: I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again.”



FOS calls for levy changes in funding overhaul consultation

The Financial Ombudsman Service has launched a consultation calling for three major changes for its future funding as it looks to streamline and de-scale operational output from September. The FOS says the proposals outlined support its planning for a future where “payment protection insurance doesn’t dominate our caseload” and it can move forward as a […]


The fight for a fair FSCS: Is a product levy still dead on arrival?

The funding of the Financial Services Compensation Scheme has long been an issue of contention for the advice profession. Among many potential solutions mooted, the idea of a product levy continues to draw interest from the planning community to meet rising compensation bills. The need for customer protection remains a key priority for the FCA, […]

IHT review proposes simplifying tax gift rules

The seven-year rule, a cornerstone of the inheritance tax planning’s gift rules, should be cut down to five, an independent review has proposed in a bid to simplify the rules. The proposal is part of the Office for Tax Simplification second review of the IHT published today, and builds on the previous – November’s consultation’s […]

Retirement - thumbnail

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm