Deutsche Bank Delays Historic Job Cuts Program as Virus Spreads
- Bank seeks to avoid further emotional distress amid crisis
- HSBC, Lloyds, Citigroup, Morgan Stanley recently paused cuts
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Deutsche Bank AG became the latest bank to halt plans for widescale layoffs, joining lenders including HSBC Holdings Plc and Lloyds Banking Group Plc in putting thousands of job cuts on hold because of the coronavirus outbreak.
“To avoid additional emotional distress in the current environment, we will defer new communications of individual restructuring actions to potentially affected employees,” the Frankfurt-based bank said in a memo to staff seen by Bloomberg. “The pause will be in place until we see a return to greater stability in the world around us.”