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How Deutsche Bank’s 18,000 job cuts stack up to other mass layoffs

Michelle Cheng

Over the weekend, Deutsche Bank announced it would cut a fifth of its workforce, leaving about 18,000 people without jobs. The struggling lender will reduce global headcount to around 74,000 employees by 2022.

As part of the overhaul, the 149-year-old bank, which has offices in London, New York, and throughout the world, will shutter its equities sales and trading business. The bank aims to reduce adjusted costs by 6 billion euros over the next several years.

Payments of severance and other expenses will total 7.4 billion euros ($8.3 billion) through 2022, the New York Times reports. The layoffs started Monday in Asia.

The cuts are the largest by a bank since Wells Fargo announced last year that it would cut 30,000 jobs, according to Challenger, Gray & Christmas, an employment services firm that tracks corporate layoffs.

But in terms of substantial round of job losses, Deutsche Bank’s plans pale in comparison to other massive corporate layoffs since 2009. Data from Challenger shows at least 15 US-based organizations that have had global headcount cuts of more than Deutsche Bank’s 18,000. (Deutsche Bank, of course, is not US-based, and it’s still unclear how many of the German bank’s US employees will lose their jobs, but its New York staff is expected to feel the pain.)

Here are some of the biggest layoff announcements over the past decade—a decade, it should be noted, in which the US has experienced its longest economic expansion on record.

Date Organization Industry Cuts
9/20/11 United States Army Government 50,000
2/17/09 General Motors Automotive 47,000
10/5/18 Verizon Wireless Telecommunications 44,000
7/12/15 United States Army troops Government 40,000
1/21/09 Circuit City Retail 34,000
3/15/18 Toys R Us Retail 30,000
9/17/15 Hewlett-Packard Enterprise (HP spinoff) Computer 30,000
9/20/11 Bank of America Financial 30,000
3/2/10 U.S. Postal Service Government/Non-Profit 30,000
5/23/12 Hewlett Packard Co. Computer 27,000
9/25/18 Wells Fargo (over 3 years) Financial 26,500
4/16/16 Citigroup Financial 21,799
1/26/09 Caterpillar Industrial Goods 20,000
1/26/09 Pfizer (Wyeth) Pharmaceutical 19,425
11/28/12 Hostess Brands Food 18,500
7/7/19 Deutsche Bank Financial 18,000
7/22/14 Microsoft Computer 18,000
2/16/10 Merck Pharmaceutical 17,500
7/9/15 United States Army civilian Government 17,000
6/18/15 Target Corp. Canadian stores Retail 17,000
1/6/16 Wal-Mart Stores Inc. (closing 269 worldwide stores) Retail 16,000
5/24/14 Hewlett-Packard Co. Computer 16,000
2/27/13 JPMorgan Chase (mortgage unit) (19000 total) Financial 15,000
11/26/18 General Motors Automotive 14,700
11/15/11 Air Force Material Command Civilian jobs Government 13,500
4/30/09 City of New York Government/Non-Profit 13,500
1/6/09 Alcoa Chemicals 13,500
2/1/12 American Airlines Transportation 13,000
7/29/11 Merck & Co. Pharmaceutical 13,000
1/26/10 Verizon Communications Inc. Telecommunications 13,000

 

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