Hiring freeze at Deutsche
(11 October 2016 – Germany) Deutsche Bank has frozen as the lender looks to speed up efforts to reduce costs and regain the confidence of investors as concerns mount about the progress of its turnaround, according to a person familiar with the bank's plans.
The lender is restricting new hiring across its business for the time being, but it would still make external hires as necessary for crucial functions, such as compliance or anti-money-laundering programs, said the person, who was not authorised to discuss the matter publicly.
The freeze is the latest move by Deutsche Bank as it pushes forward a turnaround plan announced last year by its chief executive, John Cryan, to overhaul itself and eliminate as many as 35,000 jobs through internal cuts and the sale of businesses.
Deutsche Bank said in September that it had agreed to sell its Abbey Life insurance business to a subsidiary of Phoenix Group Holdings, which specialises in buying closed life insurance pools and pension funds, for £935 million (A$1.49 billion).
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