Daily Management Review

In An ‘Extensive Overhaul’, Deutsche Bank May Slash Twenty Thousand Jobs


07/02/2019


In order to turn the investors, after the failed merger attempt, the Deutsche Bank is planning a major revamp.



Source: flickr.com;(CC BY 2.0)
Source: flickr.com;(CC BY 2.0)
The supervisory board of Deutsche bank is scheduled to meet on July 7, 2019 for discussing on an “extensive overhaul”. The said restructuring may cut as many as “20,000 job”, revealed three sources familiar with the matter.
 
Last month, the chief executive, Christian Sewing indicated about “extensive” revamp with the promise made to the shareholders of “tough cutbacks” so that that the investment bank could “turn the lender around” following its failed attempt of Commerzbank merger.
 
Moreover, there is more to slashing jobs, as the bank is also looking into the options of having “a trimmer management board”. Sewing would be representing the investment bank at the board instead of leaving an empty seat. Garth Ritchie, a veteran had been at the helm of the bank’s organisation, while sources revealed that there is a plan of promoting “Stefan Hoops and Mark Fedorcik” for leading the “division as co-heads” who would be reporting to Sewing.
 
However, one of the sources reminded that the plans were still very fluid as many aspects are yet to be decided upon. Nevertheless, the investment bank was not ready to comment on the reported changed. On the other hand, a spokesperson on behalf of “Ritchie, Hoops and Fedorcik” reported that they chose to remain tight lipped about the situation.
 
As far as the bank is concerned, it reminded that it is working towards accelerating “its transformation” for improving its sustainable profile, as it said:
“We will update all stakeholders if and when required”.
 
 
References:
thehindubusinessline.com







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