Deutsche Bank has confirmed the first stage of its three phased job cut programme. Germany was phase one and that cat is now out of the bag. The rest of Deutsche's staff are still sweating as they wait to learn of their own fate.
Back home, Deutsche has confirmed that it will chop 2,720 jobs in the next two years, mainly in support functions. But the bank will create an additional 800 jobs in 'customer-facing positions'. Jobs in controlling, human resources, IT and risk are thought likely to be axed and around 250 positions will probably be outsourced. The German redundancies are also said to likely include 100 jobs in global markets and 500 in global banking.
Phases two and three of Deutsche's job cut programme will involve the investment banking and asset management businesses. In total, the German bank is thought likely to axe around 5,000 staff. Deutsche's chief administrative officer, Tessen von Heydebreck, said that 'all staff changes will be implemented fairly and responsibly'. It's just the waiting to know that will kill you.