Global investment banking group, Deutsche Bank, has made the first of its proposed 18,000 job cuts across its business, as part of a radical reorganisation strategy.
Earlier today, bankers on their way to their offices in London, Tokyo and New York were refused entry to the buildings and sent home.
At the London office, many bankers didn’t show up, as they had been told that at 11am that their passses would no longer work.
This is all part of the bank’s plans to cut €18bn in overheads by 2022.
In an open letter to employees, CEO Christian Sewing wrote: “Today is that day: After further stabilising our bank last year, we are now entering the next phase – and that means nothing less than a fundamental transformation of our bank.
“First let me say this: I am very much aware that in rebuilding our bank, we are making deep cuts. I personally greatly regret the impact this will have on some of you. In the long-term interests of our bank, however, we have no choice other than to approach this transformation decisively. Only then can we build on our long-standing history and make Deutsche Bank a leading bank once again. A bank which we can be justifiably proud of.”
Most of the proposed job losses will be within the trading shares area of the company – which will heavily impact London and New York. There are currently 8,000 employees in the London office.