Deutsche Bank to Relocate 100 Roles From London to Cut Costs
(Bloomberg) -- Deutsche Bank AG is moving about a quarter of its corporate bank’s U.K. staff to offices in the European Union and Asia as it looks to reduce costs at the division.
The changes will see about 100 jobs move to cities like Berlin, Dublin, Frankfurt and various cities across Asia, according to people familiar with the matter, who asked not to be identified discussing private matters. While some London-based staff can reapply for their jobs in the new locations, they will be required to take a pay cut.
“We remain strongly committed to the U.K., which will continue to be an important center for our corporate bank as well as our other divisions,” Deutsche Bank, which employs more than 7,000 people in Britain, said in a statement. “It will continue to serve our many U.K. corporate bank customers and to provide services to our clients globally.”
While a small number of the moves are related to Britain’s departure from the EU, most are part of attempts to reduce costs in pricey locations like London and move staff closer to the clients they serve, according to the people familiar.
Headwinds from negative interest rates saw Chief Executive Officer Christian Sewing cut forecasts for the corporate bank in December as lenders across Europe struggle to make money from lending.
The Financial Times reported the relocations earlier.
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