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Worldwide Deutsche Bank layoffs hit office in Cary

Deutsche Bank is laying off 51 employees at its Cary office, according to a notice sent to North Carolina’s Commerce Department.

Deutsche Bank, a German investment bank, will lay off employees from Aug. 7 to Aug. 21, the company said in a Worker Adjustment and Retraining Notification on July 8.

The cuts come after Deutsche Bank’s CEO Christian Sewing announced Sunday that 18,000 employees would be laid off around the world, roughly one in five jobs at the bank, according to CNN. Sewing said in a conference call that layoffs started Monday in Asia.

“I am very much aware that in rebuilding our bank, we are making deep cuts,” Sewing said in a letter to employees. “I personally greatly regret the impact this will have on some of you.”

Robert Dibble, managing director and regional HR head of the U.S. for Deutsche Bank, said in a letter that the Cary facility will not close.

Cary has been home to Deutsche Bank’s global technology center since 2009. Deutsche currently has around 800 employees in Cary, and, since 2009, the company has steadily been adding employees there after receiving state incentives.

In 2015, the bank promised to add 250 new jobs in Cary in return for $3.4 million in state incentives.

Deutsche Bank was also awarded as much as $5.6 million in incentives in 2013, when it announced plans to more than double in size by adding 431 jobs by the end of 2016, The News & Observer previously reported. It also received a state incentives grant worth up to $9.4 million in 2009 when it chose to establish its then-new subsidiary in Cary.

The bank declined to comment on the job cuts.

The state’s Commerce Department did not immediately have its latest report about hiring numbers related to the incentives available.

Dibble’s letter noted that the remaining employees are not covered by a collective bargaining agreement and do not have the right to take over other roles of dismissed or current company employees.

The bank has said its workforce will shrink to roughly 74,000 employees by 2022.

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Jacquelyn Melinek covers metro news for the News & Observer, where she works to update readers about the latest in government, crime, schools and other local news stories. She is a Stembler Scholar, graduated from the University of North Carolina at Chapel Hill in the School of Media and Journalism and grew up in Westchester, New York.
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