Deutsche Bank plans 440 job cuts for Irish operations
Deutsche Bank is planning to cut three-quarters of its workforce in Ireland, as 440 roles are made redundant by the major lender.
The Frankfurt-headquartered bank says it plans to relocate 250 roles from its Dublin operations to “other centres around the world”.
Deutsche Bank has had offices in Ireland since 1991. It says the proposed changes “will not impact the service provided to the bank’s clients”.
Sources at The Irish Times indicate that the Dublin office will be left with 160 employees after the restructuring.
Yet the lender is planning on bringing some new roles into its front office function for corporate banking.
“We understand that the proposed plan will cause uncertainty and concern to impacted colleagues,” says Mary Campbell, chief country officer at Deutsche Bank Ireland.
“We are committed to supporting them through the consultation process. Dublin will continue to be an important centre for the bank.”
Deutsche Bank was one of the first major global banks to announce a resumption of job cuts despite the ongoing coronavirus pandemic.
The bank has established a taskforce to reassign or reduce 18,000 roles, up to 20% of its entire workforce.