Germany-based Deutsche Bank announced on July 7 it would lay off 18,000 employees worldwide amid a massive restructuring effort.
The layoffs will likely hit London and New York hardest, as the cities house the stock and bond trading units getting the axe, according to the New York Times.
While laid-off employees in the US typically pack up and leave immediately, Europe gives workers a few weeks to finish up projects and start their job search.
Visit Business Insider’s homepage for more stories.
Deutsche Bank’s London office reportedly laid off employees at a morning meeting around 8 a.m on July 8. The staff had until 11 a.m. to leave the office, after which their badges would no longer work.
The bank announced on July 7 that it would lay off 18,000 employees in offices worldwide as part of a massive restructuring effort.
US companies typically give laid-off employees just hours to pack up. For example, workers at Tesla — which laid off 7% of its employees in 2019 — told Business Insider that the process took just just five minutes.
Read more: The startup founder’s guide to letting people go efficiently and compassionately
Yet in Germany, where the bank is headquartered, laid-off employees …read more
Source:: Businessinsider – Finance