Deutsche Bank co-CEO announces 35,000 layoffs

The layoffs will happen by 2020, and will include full-time employees and contractors. Operations in 10 countries also will close.

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Few assignments are tougher for PR pros than communicating the news of massive layoffs at your company (or your client’s company).

Deutsche Bank faced this task as it announced this week it will cut 35,000 jobs by 2020.

Deutsche Bank co-CEO John Cryan laid out the company’s “Strategy 2020,” which outlines its plan to cut 9,000 full-time jobs by 2020 and close its business operations in 10 countries. Another 6,000 contractors will be cut, while selling off parts of the business will dissolve around 20,000 positions. It currently employs around 100,000 full-timers and another 30,000 contractors.

The cuts are expected to save Deutsche Bank €4 billion per year.

“Sadly, this also means closing some of our branches and country locations, and reducing some of our front-office and infrastructure staff too. This is never an easy task, and we will not do so lightly. I promise that we will take great care in this process, moving forward together with our workers’ representatives,” Cryan said in a press release.

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