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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.
Published Last updated This article is more than 2 years old.

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.

9/20/11
United States Army
Government
50,000
2/17/09
General Motors
Automotive
47,000
10/5/18
Verizon Wireless
Telecommunications
44,000
7/12/15
United States Army troops
Government
40,000
1/21/09
Circuit City
Retail
34,000
3/15/18
Toys R Us
Retail
30,000
9/17/15
Hewlett-Packard Enterprise (HP spinoff)
Computer
30,000
9/20/11
Bank of America
Financial
30,000
3/2/10
U.S. Postal Service
Government/Non-Profit
30,000
5/23/12
Hewlett Packard Co.
Computer
27,000
9/25/18
Wells Fargo (over 3 years)
Financial
26,500
4/16/16
Citigroup
Financial
21,799
1/26/09
Caterpillar
Industrial Goods
20,000
1/26/09
Pfizer (Wyeth)
Pharmaceutical
19,425
11/28/12
Hostess Brands
Food
18,500
7/7/19
Deutsche Bank
Financial
18,000
7/22/14
Microsoft
Computer
18,000
2/16/10
Merck
Pharmaceutical
17,500
7/9/15
United States Army civilian
Government
17,000
6/18/15
Target Corp. Canadian stores
Retail
17,000
1/6/16
Wal-Mart Stores Inc. (closing 269 worldwide stores)
Retail
16,000
5/24/14
Hewlett-Packard Co.
Computer
16,000
2/27/13
JPMorgan Chase (mortgage unit) (19000 total)
Financial
15,000
11/26/18
General Motors
Automotive
14,700
11/15/11
Air Force Material Command Civilian jobs
Government
13,500
4/30/09
City of New York
Government/Non-Profit
13,500
1/6/09
Alcoa
Chemicals
13,500
2/1/12
American Airlines
Transportation
13,000
7/29/11
Merck & Co.
Pharmaceutical
13,000
1/26/10
Verizon Communications Inc.
Telecommunications
13,000

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