(AP Photo/Michael Probst, File)
Deutsche Bank gambled to take on the big investment banks, pivot from its more conservative corporate banking roots and lost.
On Sunday, it was officially announced that 18,000 people will be laid off by the bank. The layoffs will significantly impact employees working in the United States, United Kingdom, Germany and other countries. Deutsche Bank has a sizable presence in America. It has been a fixture in Downtown New York City for years, employing thousands of professionals. The bank has also built a substantial facility in Jacksonville, Florida, in an effort to save costs with lower salaries, less expensive rent and lower taxes.
These numbers exclude the inevitable attrition of people leaving on their own free will. History shows that once a company engages in such as a massive downsizing, the employees who remain become fearful of their future. They will accept recruiters’ calls, tap into their network and actively keep an eye open for new opportunities. Most likely, talented employees who survive the job cuts will be highly sought after and recruited away. This will cause further downward pressure on the bank, as it loses top players to its competitors.
Those who lose their jobs will face serious headwinds. Recent trends on Wall Street may hurt
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