Deutsche Bank to Slash Ireland Jobs by Half Amid Cost-Cut Drive

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Deutsche Bank AG is moving more than half of all positions out of Ireland as the German bank seeks to cut costs.

The lender is shifting almost 250 roles in Dublin “to other centers around the world,” it said in a statement on Tuesday. However, it will add 35 front office jobs to expand the corporate banking team in Ireland’s capital, ultimately leading to a workforce of about 200 employees there.

“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,” Ireland country head Mary Campbell said. “Dublin will continue to be an important center for the bank.”

The cost reductions are part of a four-year turnaround strategy unveiled by Chief Executive Officer Christian Sewing in mid-2019. The plan includes eliminating 18,000 positions across the bank.

Deutsche Bank had 408 employees in Ireland at the end of 2020, according to its latest annual report. The lender generated 27 million euros of revenue in the country and made a pretax profit of 1 million euro.

©2021 Bloomberg L.P.

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