London, 03 Aug, 2019: German Multinational Investment Bank, Deutsche, has started cutting jobs in the City of London and in New York to deal with the growing financial crisis. The German bank employs almost 8,000 people in the UK while 7,000 people are from London.
The bank had planned to cut 18,000 employees which are around one fifth of the total workforce of the bank. Deutsche’s global workforce is at 91,500. The share price of Deutsche nosedived from a value of €110 in 2007, to a meager €7. That is finally resulting in job cuts globally.
The location of London is one of the main hubs for the bank’s global investment. 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. Deutsche has been suffering from the financial crisis of 2008 and facing rising costs and a falling share price.