Deutsche Bank to slash 1,400 jobs in Operations - report

Tuesday, 15. December 2020 13:22

Deutsche Bank AG is about to lay off an additional 1,400 employees in its Operations division due to the latest coronavirus-related restriction measures, Handelsblatt reported on Tuesday. Combined with the previous job cuts, the company plans to reduce the number of full-time employees in the Operations division from 6,300 to about 4,000 by the end of 2022.

Excluding temporary positions, the total number of workers should be reduced to 5,400 this year. Digitization and process automatization will also take a toll on the number of people working in the operations area according to the report. Previously, Deutsche Bank decided to cut the number of people working in its main offices by 350 from a total of 1,000.

The latest published financial results showed the investment bank was on track to meet all of its financial and strategic targets. The results for the last quarter of 2020 are set to be revealed in early-February.

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Breaking the News / ND