Business World

Thursday 19 September 2019

Deutsche Bank top brass must sign off on all new hiring

The bank announced in July plans to cut 18,000 roles, or nearly one in five jobs, as part of a €7.4bn restructuring scheme. Photo: REUTERS/Simon Dawson/File Photo
The bank announced in July plans to cut 18,000 roles, or nearly one in five jobs, as part of a €7.4bn restructuring scheme. Photo: REUTERS/Simon Dawson/File Photo

Patricia Uhlig

Deutsche Bank, in the midst of a major restructuring and headcount reduction, is tightening its worldwide procedures for new hires, according to an internal memo.

The memo, which was dated Wednesday and seen by Reuters, said any new hires would require explicit approval from the bank's chief executive Christian Sewing, and his deputy Karl von Rohr and finance chief James von Moltke.

"Hiring will be restricted to positions that are viewed as critical to the bank's success and future growth, with a greater emphasis on internal mobility and identifying tasks we can discontinue," the memo said.

The final stamp of approval from the trio of board members is a shift from the past, when subordinates had more say over external hires.

The bank announced in July plans to cut 18,000 roles, or nearly one in five jobs, as part of a €7.4bn restructuring scheme.

The new policy will run throughout 2019 and will be revisited at the end of the year, the memo said.

Reuters

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