German Multinational Investment Bank, Deutsche, has started cutting jobs in the City of London and in New York. The bank has announced its plan to reduce the global workforce by 18,000. The German bank employs almost 8,000 people in the UK while 7,000 people are from London. The location of London is one of the main hubs for the bank’s global investment.
The jobs being cut off make up around one fifth of Deutsche’s global workforce of 91,500. Some staff from London are in worry after hearing that their jobs are about to go. The staff is already leaving the bank’s building in the city to carry their bags and belongings. They were told that their pass will stop working at 11 am.
Christian Sewing is the chief executive of the bank. He is shutting the division to sell the share of the bank to recover other businesses of the bank. The share which had a value of €110 in 2007, is crashed and has reached at the value of €7. That is finally resulting in job cuts globally. Now sources like JustLondonJobs.com might be the best destinations of the former staff to find another bank job in London.
A male worker of the bank from Great Winchester Street said that the bank is not doing well and it has to do something to bring the staff back to their duties. Deutsche has been suffering from the financial crisis of 2008 and facing rising costs and a falling share price.