News October 9, 2019

Statement in response to reports on job cuts in Germany

Deutsche Bank is not planning additional job cuts beyond those announced by the Management Board on July 7. At that time, Deutsche Bank announced a new strategy which included a planned workforce reduction of 18,000 to 74,000 employees by 2022 globally. The objective of the job cuts is to reduce Deutsche Bank Group’s adjusted costs by more than 25 percent to 17 billion euros.

We did not communicate any regional or divisional breakdown for these measures, and we will maintain this policy. As soon as decisions have been made regarding the exact number of jobs to be cut, they will first be discussed with those directly affected.

The Management Board has reiterated that all areas of Deutsche Bank must make their contribution. There will be a substantial number of job cuts in Germany, as it is where by far the largest share of Deutsche Bank’s workforce is based. The total reduction of the workforce by 18,000 includes the job cuts already planned in connection with the Postbank integration.

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