Deutsche Bank Plans More Job Cuts That Could Affect Its Jacksonville Offices
Deutsche Bank’s CEO last week said more job cuts are coming at the struggling Germany-based bank and based on his comments at the company’s annual meeting.
WJCT News partner the Jacksonville Daily Record reports those cuts could affect its Jacksonville offices, which employ about 2,000.
In his address, Christian Sewing said the company plans a consolidation in its anti-financial crime division.
That division is a key part of the Jacksonville office and was spotlighted in a New York Times report two weeks ago.
The Times story concerned transactions made in 2016 and 2017 by President Donald Trump and his son-in-law, Jared Kushner, which were flagged by the Jacksonville-based division as suspicious.
However, Deutsche Bank executives decided not to report the transactions to federal authorities, despite the recommendation by the Jacksonville office, the report said.
During last week’s shareholders meeting, Sewing said Deutsche Bank is restructuring some functions to become more efficient.
“A first example: we will combine parts of compliance and our anti-financial crime unit with non-financial risk management. That will enable us to substantially cut costs without compromising on controls,” he said, according to a news release by the bank.
An expanded version of this story that includes more information about Deutsche Bank’s Jacksonville operation is at JaxDailyRecord.com.