Deutsche Bank to Cut Nearly 2,000 Jobs

Wednesday, December 1st 2004, 10:57 am
By: News On 6

BERLIN (AP) _ Deutsche Bank AG, Germany's largest bank, said Wednesday it will cut 1,950 jobs over the next two years as part of a restructuring program.

The announcement followed a meeting of executives and employee representatives.

The bank said it would cut a total of 2,300 jobs within Germany over the next two years, but would create about 350 new jobs at the same time in domestic subsidiaries of Deutsche Bank Group.

Most of the jobs being cut _ some 1,650 _ will come from internal administrative and infrastructure units, primarily the bank's risk management, information technology, operations, human resources and controlling departments.

Overall, the number of full-time employees in Germany will fall from 27,330 to 25,410 by December 2006.

``All staff changes will be implemented fairly and responsibly,'' said Tessen von Heydebreck, Deutsche Bank's chief administrative officer. ``We will work with the staff councils to find mutually acceptable solutions and provide affected employees with professional support throughout the process.''

The bank said the changes were part of an efficiency program that was designed for more time to be spent with clients by reducing and simplifying administrative tasks.

``Through streamlined procedures in transaction processing and administration, we intend to lower costs and become faster, and to concentrate our full attention on our clients,'' said board member Juergen Fitschen.

Further details of Deutsche Bank's restructuring will be announced in February at the bank's annual press conference, the bank said.