The bank’s move forms part of its strategy, announced in July 2019, to simplify its operations and reduce costs
A Deutsche Bank retail branch in Munich. (Credit: Ich fahre hummer/Wikipedia.)
Deutsche Bank has unveiled its plans to cut up to 450 full-time and contractor roles at its Dublin office to streamline operations.
The German lender plans to relocate 250 employees from Dublin to other locations to consolidate its operations into fewer locations.
The bank’s move forms part of its strategy, announced in July 2019, to simplify its operations and reduce costs.
The restructuring plan aims to cut nearly 18,000 full-time jobs by 2022 and reduce the adjusted costs by around €6bn.
Separately, the bank is planning to reduce its contractor workforce in Ireland over the course of the year, following the completion of several projects. It employs about 200 contract workers.
Deutsche Bank Ireland chief country officer Mary Campbell said: “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. Dublin will continue to be an important centre for the bank.”
Deutsche Bank said that it is committed to supporting its Irish corporate, institutional and private wealth clients and to maintaining a significant presence in Ireland.
The lender said that Dublin will continue as a major centre for its Corporate Bank business and add nearly 35 front office roles over the summer to create its Corporate Bank franchise.
Also, the bank said that the Irish capital will continue to be an important centre for its specialist Data & Innovation Lab and two units are expected to have around 200 employees in Dublin.
Deutsche Bank said that the proposed changes will not impact its services to the clients in Ireland, which has been operating in the country since 1991.
Last year, the bank announced its plans to close 20% of its 500 branches in Germany, shutting down at least 100 branches in the wake of the Covid-19 pandemic.