Is Deutsche Bank about to make 27% of its technology staff redundant?
If Reuters is right, Deutsche Bank is on the cusp of some huge job cuts. The news service reports that the German bank is preparing to make 23,000 staff redundant and that technology staff and Postbank employees will be at the forefront of the layoffs.
Sounds bad? It is: 23,000 layoffs amount to 25% of Deutsche's overall headcount. Except, it's not that bad. The most recent report from Postbank indicates that the retail banking unit alone employed 14,940 people at the end of June. That leaves 8,000 redundancies to be made in the bank's technology business.
In July, Scott Marcar, head of infrastructure technology at Deutsche, told us the bank employs 30,000 people across its technology 'organization'. 8,000 job cuts suggest that 27% of those staff could go. Was this what John Cryan meant when he said the bank was burdened with antiquated technology and inefficient processes?