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Deutsche Bank set to cut 9,000 jobs in Germany

The German financial institution will be cutting 18,000 positions worldwide, 9,000 of them in Germany, according to a report released Tuesday.

Deutsche Bank set to cut 9,000 jobs in Germany
Shareholders at Deutsche Bank's annual meeting at its Frankfurt headquarters in May. Photo: DPA

The company employs 41,500 people in Germany, and 91,700 worldwide. The cuts will therefore affect every one in five of its positions. 

Deutsche Bank head Christian Sewing previously said that “a substantial number” of jobs would be affected by upcoming cuts, but did not specify an exact figure.

The largest number of Deutsche Bank jobs are in its home market (45.7 percent), which is headquartered in Frankfurt, with the second largest number of positions in India (13.3 percent).

READ ALSO: Deutsche Bank could slash up to 20,000 jobs

The German banking giant has refused to comment on the regional distribution of the cuts, as internal talks have not yet concluded, according to a Bloomberg report.

But in addition to Germany, the UK – where 8.7 percent of its jobs are based – will also be strongly affected, in part due to Brexit, according to the report.

According to earlier statements by Sewing, all of the job cuts are to take place by the end of 2021.

Through the cuts, Sewing is seeking to bring the bank’s ongoing crisis to a close.  After three years of losses and only a small profit in 2018, Deutsche Bank fears it will again see red figures in 2019.

According to Sewing, the core of the newly restructured Deutsche Bank will be a so-called Corporate Bank division, which will be responsible for medium-sized companies, family businesses and multinationals. 

Within its Capital Markets Division, the bank intends to concentrate on loans, bonds and currencies, as well as on advisory services. 

The bank will withdraw completely from global equity trading, which has resulted in significant losses, it says. 

The bank has put the cost of the restructuring at 7.4 billion, which it says it wants to bear from its own resources. 

Vocabulary

Financial institution – (das) Geldhaus

According to – Gemäß (followed by Dativ)

Job cuts – Jobabbau (colloquial); Stellenabbau (official)

medium-sized companies – (die) Mittelständler

To put (a number on something) – beziffern

We're aiming to help our readers improve their German by translating vocabulary from some of our news stories. Did you find this article useful? Do you have any suggestions? Let us know.

 

 

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WORKING IN GERMANY

Which Bavaria-based companies regularly hire English speakers?

Bavaria is no doubt a beautiful state with a strong economy, but can be a hard place for non-German speakers to integrate. The Local takes a look at job opportunities in Germany’s southeastern 'Free State.'

Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions. 

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds. 

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local. 

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with. 

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