Deutsche Bank and labor representatives have concluded labor negotiations, agreeing to cut 1,000 jobs across several branches of the firm. Karl von Rohr, a member of the Bank’s management board, stated that the bank recognizes the “personal impact” of their decision, and will attempt to eliminate jobs in a “socially responsible manner”. This is part of a larger restructuring by the lender to eliminate 4,000 jobs in Germany’s market, and 9,000 globally. The job cuts come after a “slide in shares” last year that almost halved the bank’s market value. The company also faces significant legal costs.
See "Deutsche Bank Clears Labor Hurdle for 1,000 German Job Cuts", Keith Campbell and Jan-Henrik Foerster, Bloomberg, October 6, 2016