Good old German efficiency was at play today as Deutsche Bank began their job cutting with ruthlessness just days after announcing they were pulling out of Share Dealing. Staff in London, New York and Tokyo are affected and some staff in London have stayed away from work after being told their passes would stop working at 11:00. Many other staff were left in limbo stating that information on their futures was on a need to know basis.
Editorial credit Martynova Anna Shutterstock.com
The job losses are in the banks share trading division which is mainly involved in share buybacks, rights issues, an area where the Bank has struggled to compete against the US giants. The Bank is expecting to shed 74,000 jobs by 2022 and recently announced a second-quarter loss of €2.8bn.
