Deutsche Bank staff ‘to learn their fates’ by July

Bloomberg

If you’re at Deutsche Bank AG and haven’t already been fired, you’re likely to find out next month if you will.
The bank will have completed the “vast majority” of front-office job cuts by the end of June, Chief Executive Officer Christian Sewing said at a conference in New York, adding that 600 staff have already left the Corporate and Investment Bank division since the beginning of the year.
“Sewing’s announcement is tough for some but it’s the right thing to do in the current situation,” said Aleksander Montalbetti, managing partner at executive search firm Signium in Frankfurt. “The employees need and deserve clarity.”
The bank will reduce the current number of employees by over 7,000 from current levels by the end of 2019, Sewing vowed last week, providing the first concrete job cuts figure since announcing a large-scale restructuring of the CIB division in April.
The announcement has led to worries among senior executives that the uncertainty could cause top performers to leave. Sewing added some further detail on what businesses would be cut, but stopped short of giving targets for individual units.
Sewing hasn’t even said how many of the 7,000 jobs to be cut will be at the investment bank rather than the newly-formed private and commercial bank. People briefed on the matter previously said that the bank aims to cut more than 1,000 job cuts annually at the retail bank.