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HUGE LOSS

How Deutsche Bank’s 18,000 job cuts stack up to other mass layoffs

REUTERS/Simon Dawson - RC130AB58D50
A man carrying a box leaves a Deutsche Bank office in London, Britain July 8, 2019.
  • Michelle Cheng
By Michelle Cheng

Reporter

Published

Over the weekend, Deutsche Bank announced it would cut a fifth of its workforce, leaving about 18,000 people without jobs. The struggling lender will reduce global headcount to around 74,000 employees by 2022.

As part of the overhaul, the 149-year-old bank, which has offices in London, New York, and throughout the world, will shutter its equities sales and trading business. The bank aims to reduce adjusted costs by 6 billion euros over the next several years.

Payments of severance and other expenses will total 7.4 billion euros ($8.3 billion) through 2022, the New York Times  reports. The layoffs started Monday in Asia.

The cuts are the largest by a bank since Wells Fargo announced last year that it would cut 30,000 jobs, according to Challenger, Gray & Christmas, an employment services firm that tracks corporate layoffs.

But in terms of substantial round of job losses, Deutsche Bank’s plans pale in comparison to other massive corporate layoffs since 2009. Data from Challenger shows at least 15 US-based organizations that have had global headcount cuts of more than Deutsche Bank’s 18,000. (Deutsche Bank, of course, is not US-based, and it’s still unclear how many of the German bank’s US employees will lose their jobs, but its New York staff is expected to feel the pain.)

Here are some of the biggest layoff announcements over the past decade—a decade, it should be noted, in which the US has experienced its longest economic expansion on record.

DateOrganizationIndustryCuts
9/20/11United States ArmyGovernment50,000
2/17/09General MotorsAutomotive47,000
10/5/18Verizon WirelessTelecommunications44,000
7/12/15United States Army troopsGovernment40,000
1/21/09Circuit CityRetail34,000
3/15/18Toys R UsRetail30,000
9/17/15Hewlett-Packard Enterprise (HP spinoff)Computer30,000
9/20/11Bank of AmericaFinancial30,000
3/2/10U.S. Postal ServiceGovernment/Non-Profit30,000
5/23/12Hewlett Packard Co.Computer27,000
9/25/18Wells Fargo (over 3 years)Financial26,500
4/16/16CitigroupFinancial21,799
1/26/09CaterpillarIndustrial Goods20,000
1/26/09Pfizer (Wyeth)Pharmaceutical19,425
11/28/12Hostess BrandsFood18,500
7/7/19Deutsche BankFinancial18,000
7/22/14MicrosoftComputer18,000
2/16/10MerckPharmaceutical17,500
7/9/15United States Army civilianGovernment17,000
6/18/15Target Corp. Canadian storesRetail17,000
1/6/16Wal-Mart Stores Inc. (closing 269 worldwide stores)Retail16,000
5/24/14Hewlett-Packard Co.Computer16,000
2/27/13JPMorgan Chase (mortgage unit) (19000 total)Financial15,000
11/26/18General MotorsAutomotive14,700
11/15/11Air Force Material Command Civilian jobsGovernment13,500
4/30/09City of New YorkGovernment/Non-Profit13,500
1/6/09AlcoaChemicals13,500
2/1/12American AirlinesTransportation13,000
7/29/11Merck & Co.Pharmaceutical13,000
1/26/10Verizon Communications Inc.Telecommunications13,000

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