Last Monday was a bitter day for many German bankers in London, for example for stock trading employees: they learned about their dismissal, about the closure of their entire department. At the same time, however, senior executives had visited the bank – by ambassadors of a London-based luxury tailor. A behavior that now also the CEO of Deutsche Bank criticized in clear words.
"I have no understanding that someone at our London office on Monday ordered Schneider to measure custom-made suits," Christian Sewing told Handelsblatt. This is a disrespectful behavior and "in no way in accordance with our values," added the head of the Deutsche Bank. He had personally phoned the executives. "In any case, I assume that the two colleagues will not forget my call."
On Sunday, Sewing had announced a major restructuring of Deutsche Bank, which provides, inter alia, deep cuts in investment banking. Overall, the bank wants to reduce 18,000 jobs worldwide by the end of 2022. How many jobs will be canceled in Germany, said the bank so far not.
Sewing, however, now said in the "Handelsblatt" that even in Germany "a substantial number of posts will disappear". The bank chief stressed that the job cuts already announced for a long time in connection with the integration of Postbank in the total of 18,000 dropping jobs was included.
Following the collapse of the merger with Commerzbank in April, mergers or major takeovers for Sewing are no longer an issue for the time being. "Now please let us do it first," he told the newspaper. If that were the case, then, mergers would be more logical on a European level than on a national level – but that would be a dream of the future.