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Deutsche Bank revealed and started its restructuring on Sunday. This will result in the slashing of their workforce down by 18,000 by 2022. The CEO Christian Sewing held a press conference and confirmed that the layoff started on Monday in Asia. He also informed that teams in other parts of the world would also be affected.
Sewing unveiled a restructuring plan on Sunday that would layoff 1/5 of all employees. This would leave them with a workforce of only 74,000 by the year 2022. Deutsche Bank didn’t give details on which offices would bear the cost of it but the layoffs did start in Asia.
Employees were seen leaving the Deutsche Bank offices in Bengaluru, Hong Kong and London with envelopes that had the bank logo on them. The reason for these dramatic shifts was the failure to generate profits after the recent restructuring attempts failed.
Deutsche Bank aimed at being on the top of the investment banking business but they couldn’t find a solid direction after the global financial crisis. The only recent profits they had shown were last year after 2014. That counts as really slow growth for an investment banking institution.
A storm of hot headlines on Deutsche Bank.. pic.twitter.com/lXRP7ZGX3V
— Nikos Chrysoloras (@nchrysoloras) July 7, 2019
The European economy wasn’t helping Deutsche Bank either. With a slow economy around and reluctant to bring change, everyone expected DB’s downfall. Even the employees working at the bank saw this coming and were preparing themselves to look for a new job.
Deutsche is now stepping back from the investment banking business and is looking for more sustainable and safer options of business like corporate money management.
