Deutsche Bank gambled to take on the big investment banks and pivot from its more conservative corporate banking roots—and lost
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On Sunday, it was officially announced that 18,000 people will be laid off by the bank. The layoffs will significantly impact employees working in the United States, United Kingdom, Germany and other countries. Deutsche Bank has a sizable presence in America. It has been a fixture in Downtown New York City for years, employing thousands of professionals.
Those who lose their jobs will face serious headwinds. Recent trends on Wall Street may hurt their chances of quickly procuring a new position. Nearshoring and offshoring jobs to lower-cost locations, the rapid implementation of technology to displace workers and an aversion to hiring people of a certain age and compensation level could make it harder for laid-off workers to find jobs commensurate with the level and salary they had at Deutsche Bank.
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