Initially on hold during the pandemic, the bank is going ahead with retrenchments even as Germany’s economy slowly starts up again
Frankfurt — Deutsche Bank abruptly ended the suspension of its huge job cuts programme after the coronavirus outbreak, saying it will resume dismissals as CEO Christian Sewing strives to beat his own expense targets.
Global banks put staff retrenchments on hold as Covid-19 spread in March to avoid adding to employee hardship. Deutsche Bank’s cuts are a key pillar of its restructuring efforts, which include as many as 18,000 jobs — or 20% of its workforce — and a narrowing of the bank’s international ambitions unveiled last year.
Deutsche Bank — which has been battling lower profitability for years — said at the end of March that it was freezing cuts to “avoid additional emotional distress in the current environment”, and pledged to keep the suspension in place until “a return to greater stability in the world”. The bank’s top bosses renounced a month’s pay as part of the announcement late on Tuesday.Germany is gradually seeing a resumption of more normal life.
Deutsche Bank is sticking to its financial targets for 2022, Sewing said. The lender also said last month that credit provisions will continue to rise this quarter after a surge during the first three months of the year, while revenue will grow less strongly than previously thought.
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