Invest in the 80% or be sensitive of 20%?
18,000 Deutsche Bank employees to lose their jobs by 2022.
Deutsche Bank announced Sunday that it will pull out of global equities sales and trading, scale back investment banking and cut 18,000 jobs for a global headcount of around 74,000 employees by 2022.
In the immediate aftermath, we all feel for those who have lost their jobs, but spare a thought for those who remain. What will the employee experience be over the next 3yrs as they restructure? And how will the business reconnect from this moment on?
Will they invest in re-energising and activating the 80% who remain? Or will they limit their activity as they are mindful of the perception regarding the 20% who will leave; as they concern themselves with “what would they say about the investment in a time of cuts?”
In conclusion of his email to all employees, CEO Christian Sewing said:
This is about thinking radically and thinking differently. It is about a new culture. A culture that enables rather than prevents. A culture that always puts the bank and its clients first, before the interests of the individual. A culture where integrity and teamwork are core values. A culture that takes our responsibility for the economy and for society seriously. A culture that we are all proud of and where extraordinarily, talented people want to work. Thank you for your support. Best wishes, Christian Sewing
If the choice is to invest and activate the 80%, then this will be a hugely exciting and rewarding chapter for global employees of Deutsche Bank. If however, the approach is not to invest for fear of the perception of doing so, then the desired culture will never become a reality, and the 80% may well wish they’d been part of the 20%.
You can read the full email here