Deutsche Bank is axing 1920 jobs in Germany, mainly from its back office operations, over the next two years under plans to streamline administration and transaction processing operations and re-focus on customer-facing functions.
Deutsche Bank is cutting a total 2720 jobs in Germany, but around 800 new "client-facing" jobs will be created, including 350 at its domestic subsidiaries. Overall the number of full time staff in Germany will fall from 27,330 to 25,410 by December 2006.
The majority of the jobs being cut - a total of 1650 - will come from the bank's IT, risk management, operations, human resources and controlling departments.
The bank says it will consolidate middle and back office activities at its global markets division, which comprises sales and trading, leading to the loss of 100 jobs. The headcount will be reduced by 500 at the bank's global banking division as it streamlines of credit and documentation processes. A further 50 jobs will be cut in other business units.
Ongoing "optimisation projects" will account 170 job cuts while 250 roles will be outsourced to external service providers in Germany.
Commenting on the job losses, Jürgen Fitschen, CEO of the bank's German management committee, says: "Through streamlined procedures in transaction processing and administration, we intend to lower costs and become faster, and to concentrate our full attention on our clients."