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- Deutsche Bank launched a plan to cut 18,000 jobs yesterday as part of a major overhaul of its business.
- Most of these workers will be looking for a job at the worst time because of the constant contraction of the market and the summer hiring period.
- An insider from a bombastic group company, who spoke to Business Insider, said that the poaching of Deutsche Bank's greatest talents had been done long before the cuts of yesterday.
- Read more stories about Markets Insider.
Yesterday, Deutsche Bank began a deep restructuring of its business, removing 18,000 jobs worldwide. This is still a blow to the contraction of the European financial sector.
Deutsche workers are worried because they are now looking for jobs in a market where the role pool is even smaller.
Since 2008, hundreds of thousands of jobs have disappeared from global finance and many of the largest banks have stopped cutting jobs due to automation and new technologies.
To make matters worse, European regulation, which came into force last year, has forced medium-sized and regional banks to focus on their core specialties or business units, according to Greenwich Associates.
Bloomberg announced that the size of the investment bank at the front desk had declined for the fifth consecutive year in 2018, and that even the coverage that was previously used to poach workers of Deutsche Deutsche Deutsche Deutsche Deutsche Deutsche Deutsche Deutsche Bundle is forced to reduce its workforce.
Bloomberg said that traders could probably go into family offices, specialized companies and that Goldman Sachs would have looked for larger positions outside its walls.
But an insider from a bombastic group company, who spoke to Business Insider, said poaching of Deutsche Bank's greatest talents had been done long before yesterday's cuts. All workers who manage to get back to play are at risk of a pay cut. According to the company 's annual salary report, more than 1,100 major risk – takers at Deutsche Bank' s investment bank earned an average of $ 1.25 million last year.
In Europe, the collision between Brexit and cuts is expected to lead to thousands of layoffs in London.
But the outgoing workers at the German bank may not be all sad.
Joseph Leung, managing partner of the recruitment company Aubreck Leung, believes that the reshuffle of Deutsche could give banks an exception to the hiring freeze summer.
"DB offers a lot of quality at the moment, and the smart ones will take stock of what they have and see how they can accommodate some of these people," he said in a statement. email to Business Insider.
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