Deutsche Bank has announced proposed changes to its Ireland operations, meaning the bank will cut nearly 250 jobs as part of its ongoing cost-cutting drive.
As part of a global strategy to consolidate similar infrastructure functions into fewer locations, the bank is planning to relocate just under 250 roles from Dublin to other centres around the world. This move is part of a wider strategy by the bank to simplify its operations and reduce costs which was begun in July 2019.
Separately, the bank will be materially reducing its contractor workforce in Ireland over the course of the year following the natural completion of a number of projects.
Deutsche Bank is committed to supporting its Irish corporate, institutional and private wealth clients in the region and to maintaining a significant presence in Ireland. Dublin will continue to be a major centre for Deutsche Bank’s Corporate Bank business. In fact, approximately 35 front office roles will be added to this unit over the summer to build up the Corporate Bank franchise. Dublin will also remain an important centre for the specialist Data & Innovation Lab. Together we expect these two units to have around 200 employees in Dublin.
Mary Campbell, Chief Country Officer of Deutsche Bank Ireland said, “we understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process. Dublin will continue to be an important centre for the bank.”
Deutsche Bank has had offices in Ireland since 1991. The proposed changes will not impact the service provided to the bank’s clients.
Source: Deutsche Bank