Germany: Thousands of job cuts at Deutsche Bank and Commerzbank By Gustav Kemper
16 October 2019
After Chief Executive Martin Zielke announced the elimination of 4,300 jobs at Commerzbank in September, Deutsche Bank folowed suit by publicly revealing that 9,000 jobs will be cut at its operations in Germany alone. This amounts to half of the 18,000 global job cuts announced by one of the world’s largest banks in July, a much larger number than had been expected.
Following the failure of merger talks between Deutsche Bank and Commerzbank in April, both banks have pursued savage restructuring plans at the expense of their workforces so as to boost payouts to shareholders and prepare for future takeover battles. Justifying his decision to cut jobs, Zielke declared