Wednesday 17 July 2019

Deutsche Bank silent on future of Irish jobs as it axes 18,000 roles worldwide

The German financial giant declined to clarify the impact of the plan on the almost 500 people it employs in the city. Photo: REUTERS
The German financial giant declined to clarify the impact of the plan on the almost 500 people it employs in the city. Photo: REUTERS
John Mulligan

John Mulligan

The future of hundreds of Deutsche Bank jobs in Dublin was unclear yesterday after the institute revealed it plans sweeping cuts worldwide.

The German financial giant declined to clarify the impact of the plan on the almost 500 people it employs in the city.

It is drastically pruning its investment banking arm and will axe 18,000 jobs in a €7.4bn plan to turn its business around.

It is also eliminating its global equities business.

A spokesman told the Irish Independent staff in Ireland would have a clearer picture in the coming weeks and months about how the global jobs cuts might affect them.

Deutsche Bank has had a presence in Ireland since 1991, which focuses on providing back office services to the group and client firms.

Chief executive Christian Sewing said the restructuring of the ailing lender marks the "most fundamental transformation of Deutsche Bank in decades".

"We are tackling what is necessary to unleash our true potential," he said.

Irish Independent

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