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Deep cuts at Deutsche Bank
City bank staff employed by Deutsche Bank in London were devastated to hear the news that they had suddenly lost their jobs after an announcement on Sunday (July 7) that the bank will shed 18,000 posts globally.
Workers were reportedly told that their entry passes would be deactivated by 11am as they were asked to leave the building with their belongings.
Deutsche Bank employs 8,000 people in the UK, with 7,000 working in London. While the bank did would not say how many in the UK would be affected, the numbers are thought to be significant.
In an email to staff, CEO Christian Sewing said, “I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you”.
Later in the afternoon, it was reported dozens of large boxes of pizza had been delivered to the Deutsche Bank office.
Deutsche Bank’s job cuts are expected to hit its investment bank division, including support staff, IT and compliance workers as well frontline traders.
The job cuts are part of plans to completely shut down the bank’s equities sales and trading arm, where most are employed in either Hong Kong, London or New York City. The Guardian spoke to a former equities trader who was laid off from her job at another bank and said support staff would fare worst because, being paid much less than traders themselves, they would not receive a big severance package.
The ailing Deutsche Bank, which was slapped with billions of pounds in fines in recent years for numerous transgressions including involvement in the Libor scandal, was a key player in the sub-prime mortgage market that caused the global financial crisis a decade ago.
Unite national officer Dominic Hook said the latest finance sector jobs cull is the continuation of an ongoing trend in the industry.
He said, “Since the start of the financial crisis over 10 years ago the staff in the financial services industry have continually been forced to pay the price of the mistakes and greed at the top of the industry.”
