Deutsche Bank Slashes Jobs By Half In Ireland

Deutsche Bank AG (DB) is reducing its workforce in Dublin by 250 to support the cost-reduction process that the company embarked on in 2019. The company wants to keep the number of employees in the branch around 200, down from 408 it had at the end of 2020.

The bank also plans to cut down its expense on contractors after some of the projects come to completion over the summer. Mary Campbell, Chief Country Officer of the Ireland section said "We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process. Dublin will continue to be an important center for the bank."

The lender also added that it will employ around 35 employees in front office roles during the summer to build its corporate bank franchise. In May, the company relocated 100 employees from their London outlet to different parts of Europe and Asia.

The bank is going through a turnaround overhaul under CEO Christian Sewing who wants to reduce 18000 positions in four years across the branches around the world.

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