Thursday , July 7 2022

Deutsche Bank: Bankers get custom suits: thousands are fired


Undoubtedly, this is only a detail in the evolution of the radical restructuring of Deutsche Bank, but still reveals many things about the difficulties in some areas of the financial house. When the first reports of mass layoffs in Deutsche Bank were released on Monday, numerous photographers waited before the branch of the company in London. In addition to the workers with their personal objects in the exterior, they also picked up two well-dressed men, who left the building with large bags.

However, this was not the case, as he first reported mistakenly (also to SPIEGEL ONLINE) to fired employees of Deutsche Bank, but by ambassadors of a noble tailor in the British capital. They had just measured the costumes of Deutsche Bank's general directors. This informs, among other things, the "Guardian".

A demand for Fielding and Nicholson does not exist for less than £ 1,000, which translates to € 1,100. On the rise, according to the company, there are almost no price limits. "Our time was unfavorable," said company founder, Ian Fielding-Calcutt, from the "Financial News" website. "I think many layoffs involved distributors who do not wear suits, so we have only continued with our clients, who obviously were not affected by layoffs."

Christian Sewing: ambitious goals, hard cuts

Boris Roessler / dpa

Christian Sewing: ambitious goals, hard cuts

Deutsche Bank had no opinion so far. CEO Christian Sewing, however, had lamented dismissals during a visit to London. In general, you want to eliminate 18,000 jobs. The institute announced after a supervisory board meeting on Sunday the withdrawal of global stock market activity and the reduction of trade. It is expected that the restructuring of the group will cost € 7.4 billion at the end of € 2022, the Dax group said.

Large-scale conversion does not only cost thousands of employees their jobs. Three senior executives also have to go:

  • the head of the corporate bank and the investment Garth Ritchie
  • the person in charge of the business of private and corporate clients Frank Strauss
  • the head of regulation before leaving Sylvie Matherat,

Together, they could now obtain € 26 million in compensation, according to "Handelsblatt." On the basis of the group's internal rules, there is the chief investment banker at a payment of around eleven million euros, the Matherat regulatory board would reach about nine million euros and an ostrich due to of the remaining short term of his contract at about six million euros.

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