The Strategist

Deutsche Bank to cut one in ten employees

06/23/2023 - 03:35

Deutsche Bank, the largest bank in Germany, aims to reduce 10% of its 17,000-person private banking workforce in the country, according to Reuters.

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A source cited by Reuters told that "Deutsche Bank plans to cut 10% of its 17,000 retail jobs in Germany over the next few years."

According to the source, the bank will hire more people in some departments while laying off personnel in others. The cuts are still in the planning stages and are still being discussed with unions and workers' groups.

Founded in 1870, Deutsche Bank is the largest bank in Germany in terms of assets. At the end of 2022, the bank employed 84,930 people.


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