Employment Law

Deutsche Bank slashing 3,500 jobs to improve operational efficiency

A photo of two people looking at a piece of paper between laptops. (Photo: Scott Graham / Unsplash)

Deutsche Bank plans to lay off approximately 3,500 employees — mainly in “non-client-facing areas.”

What’s happening at Deutsche Bank?

In its Q4 2023 earnings release, the bank said it plans to implement additional cost-cutting measures to improve its operational efficiency.

“[At] year-end 2023, savings either realized or expected from completed efficiency measures grew to [$1.8 billion], with around [$1.3 billion] in savings realized to date, including [more than $508 million] in 2023,” the release reads.

The job cuts are part of the company’s efforts to reach its goal of $3.6 billion in savings.

“The vast majority of these [additional] measures are expected to be reflected in the adjusted cost run-rate in 2025.”

Deutsche Bank reportedly employs a total workforce of approximately 90,000 people.

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Impact on Canadian staff

It remains unclear if any Canadian employees will be affected by the reduction at Deutsche Bank.

According to the bank’s LinkedIn page, it has more than 230 workers in the country.

Termination agreements for Deutsche Bank employees

In Canada, non-unionized employees at Deutsche Bank are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

People working “on contract” or as a contractor may also be owed severance pay — given that many employees in Canada are often misclassified as independent contractors.

Severance can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what the Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay.

Severance pay for banking sector employees
Rights to severance for federally regulated workers
Rights to severance during mass layoffs

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Major layoffs continue

The job cuts at Deutsche Bank come amid a flurry of layoffs in 2024.

Big names, including Enbridge, PayPal, UPS, Microsoft, Rona, eBay, Wayfair, Amazon, YouTube, Newell Brands, Instagram, and BlackRock, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

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Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

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