Deutsche Bank is set to slash 450 jobs in Ireland, as part of its wider strategy to simplify operations and cut costs.
The bank plans to relocate just under 250 roles from Dublin to other centres around the world. Meanwhile, Deutsche Bank will reduce its contractor workforce, which currently accounts for 200 jobs.
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The cuts will account for three quarters of the bank’s Dublin staff. According to the bank, its latest move is part of a restructuring plan that began in July 2019. That plan involves eliminating roughly 20% of the bank’s global workforce – 18,000 employees.
Mary Campbell, Chief Country Officer at Deutsche Bank Ireland, said: “We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process. Dublin will continue to be an important centre for the bank.”
Deutsche Bank focuses on corporate
Deutsche Bank has been in Ireland since 1991, offering global transactions banking (GTB), which covers cash management, trade finance, treasury, trust and securities services for global customers.
Instead, Deutsche Bank will now shift its focus to supporting its Irish corporate, institutional and private wealth clients. The bank has said it will add 35 front office roles to its corporate banking unit over the summer.
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By GlobalDataIn addition, Dublin will reman a centre for the bank’s specialist Data & Innovation Lab. With the two units, Deutsche Bank expects to employ around 200 people in Dublin.
The news comes as banks across the globe are scaling back their operations in certain markets. In March, HSBC entered discussions to sell its French retail bank to US private equity firm Cerberus Capital Management.
In addition, HSBC is shutting around 82 branches across the UK throughout 2021 and is exiting the US retail banking market. This is part of its strategy to get out of most of its continental European and US operations and focus on Asia-Pac.
