Why Deutsche Bank's NY staff fear mass layoffs before 2022

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Why Deutsche Bank's NY staff fear mass layoffs before 2022

Deutsche Bank staff at 60 Wall Street have another reason for concern, supplementary to investors' calls for the business to be cut back. It has not gone unnoticed in Manhattan that new building Deutsche plans to occupy at One Columbus Circle its considerably smaller than the office they're currently sitting in.

"It's well known here that the U.S. business will be scaled down," says one Deutsche Bank managing director currently working in the Wall Street office. "They're moving us into a building that will have a lot less square feet than the current one, so it's clear to everyone that they're planning a big change."

Deutsche Bank declined to comment on the alterations to its New York office space. However, articles published last May, when the move was announced, state that the Columbus Circle building will be 1.1m square feet compared to 1.6m square feet currently. - A more than 30% drop.

Deutsche plans to start moving into the new building from the third quarter of 2021 and to complete the move by 2022. Plans for Columbus Circle show a contemporary office space with leafy terraces for Deutsche Bank staff to sit outside and look over the city - presuming they actually get to move there.

Deutsche Bank currently has 2,000 employees in New York City who are registered with FINRA.  The MD says there are fears internally that as 2021 and 2022 approach then more people could be shifted to the bank's office in Jacksonville.  This follows a report last month that Deutsche is moving 60 Jacksonville staff to Mumbai. 

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