German to English: Deutsche Bank Mitarbeiter sorgen sich um ihre Jobs General field: Bus/Financial Detailed field: Finance (general) | |
Source text - German http://www.wiwo.de/unternehmen/banken/deutsche-bank-mitarbeiter-sorgen-sich-um-ihre-jobs/20016548.html | Translation - English Employees at Deutsche Bank worry about their jobs
Branch closures, lay-offs, bonus cuts and multi-billion euro losses leave their marks. According to an internal survey, staff at Deutsche Bank worry about their jobs.
An internal survey at Deutsche Bank suggests that many employees are worrying about their jobs. In line with reports by the “Sueddeustche Zeitung (Tuesday’s edition), three quarters of respondents feel that their jobs at Germany’s largest bank are not secure anymore. Deutsche Bank in Frankfurt declined to comment on the results of the annual poll.
Staff are losing their motivation because of branch closures, lay-offs and bonus cuts following two years of multi-billion euro losses. The publicly-listed company faced numerous expensive lawsuits and had to cut annual bonuses, which make up a substantial part of their investment bankers’ salaries in particular. The company further plans to lay off 9,000 employees worldwide by 2018, including 4,000 in Germany alone.
At the general meeting in May this year, Chief Legal Officer Karl von Rohr had already made the point that: “Employee satisfaction was still at 73 per cent in 2012, but it has slumped to 58 per cent over the past few years”. He noted that this figure needed to come up again.
About half of the respondents of the current survey answered “yes” to the question whether they were proud to be working for Deutsche Bank. Around 40% do not feel that their performance has been adequately rewarded. 37,000 of the 99,000 employees took part in the survey. 18,000 Postbank staff had not been included in the poll.
In an internal memo, Deutsche Bank Chairman John Cyran expressed his concerns: “Sadly, many of you are not sure whether they see their professional future with this bank, and the number is growing. You are unhappy that your performance, the way you see it, is not adequately recognised and rewarded”. Even though this had to be viewed “in the context of the remuneration decisions taken at the end of last year”, management declared it was very concerned about the results.
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