Deutsche Bank, Which Employs Thousands In Jacksonville, Announces 18k Job Cuts

Jul 8, 2019

Deutsche Bank has announced a major shakeup that it calls a “radical transformation.”

The Frankfurt, Germany-based bank announced Sunday it will eliminate 18,000 full-time employees by 2022, reducing the bank’s global workforce to about 74,000.

Sunday’s news releases did not mention the bank’s Jacksonville operations, but Bloomberg reports the lender plans to start informing U.S. workers of the reductions beginning Monday.

WJCT News partner the Jacksonville Daily Record reported Deutsche Bank in Jacksonville employed about 2,100 employees as of September 2017, making it the second largest Deutsche Bank presence in the U.S. outside of New York. According to Boomberg, the bank employed 9,253 people in the U.S. at the end of 2018. 

A check of the job site Indeed shows Deutsche Bank is currently recruiting for 89 positions in Jacksonville.

Deutsche Bank said it will “significantly downsize its investment bank and aims to cut total costs by a quarter by 2022” to “become more profitable, improve shareholder returns and drive long-term growth.”

The bank also announced its changing its leadership structure starting Aug. 1. The bank’s supervisory board has appointed three senior group directors who will join the management board once clearance from the regulatory authorities has been granted.

The bank also plans to exit the equities sales and trading business.

WJCT News has reached out to Deutsche Bank, asking how the announcements will affect its Jacksonville employees and operation. This story will be updated with any response.

Bill Bortzfield can be reached at bbortzfield@wjct.org, 904-358-6349 or on Twitter at @BortzInJax.