Home Business Domestically, too, Deutsche Bank CEO Sewing substantially cuts jobs

Domestically, too, Deutsche Bank CEO Sewing substantially cuts jobs

economy German Bank CEO

Sewing "lacks any understanding" for order of tailored suits

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Deutsche Bank Restructuring Plan Costs 18,000 jobs Deutsche Bank Restructuring Plan Costs 18,000 jobs

18,000 jobs will be lost at Deutsche Bank – not only abroad

Source: Getty Images / Leon Neal

The radical change of course at Deutsche Bank will cost many employees in Germany the job. Christian Sewing criticizes the fact that employees were elegantly dressed on the same day as dismissals.

BIn the planned restructuring of Deutsche Bank, jobs in Germany are also to be cut to a significant extent. "Of course, in Germany, a substantial number of posts will be eliminated," said Chief Executive Christian Sewing the "Handelsblatt". How many will be, he did not say. "However, it is important to know that the already planned reduction in the course of the integration of Postbank is already included in the total number," added Sewing.

As announced by Deutsche Bank on Sunday, by the end of 2022 it plans to cut around 18,000 of the last approximately 91,000 full-time jobs worldwide. A number for Germany called the credit institution. Among other things, Deutsche Bank intends to withdraw from the equity trading business.

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After a merger with the Commerzbank was not found to be useful, Sewing wants to advance the Deutsche Bank once alone alone: ​​"There is no point now to talk about a third or fourth merger with Commerzbank. We decided to go it alone, now let's get started, "he said. "If consolidation then came about, I would find European mergers more logical than national ones. But that's a dream of the future, "Sewing said.

FILE PHOTO: CEO Sewing attends the annual shareholder meeting of Deutsche Bank in Frankfurt

Christian Sewing, CEO of Deutsche Bank

Source: REUTERS

When it comes to the desired internal cultural change, Sewing does not see the bank at its destination by far. "We as leaders need to stay alert. Because things still happen that we do not like. We have to intervene immediately and take countermeasures, "he said.

Sewing referred to an incident at the beginning of the week at Deutsche Bank's London headquarters: "I have no understanding whatsoever that someone at our London office on Monday ordered tailors to measure tailor-made suits," Sewing said.

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NEW YORK - OCTOBER 23: Donald Trump backstage at the VH1 Fashion Awards in October 1998 in New York City, New York. (Photo by Catherine McGann / Getty Images)

"On the same day, we had to tell many share trading employees that they had to leave because we closed their department." That someone would let a tailor come on such a day was disrespectful. "This behavior is in no way consistent with our values," added the CEO. He had personally phoned the executives. "In any case, I assume that the two colleagues will not forget my call."

Christian (t) Newsteam (t) Postbank (t) Christian Sewing (t) Career (t) Handelsblatt (t) London (t) Commerzbank (t) Bank

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