Wednesday 21 August 2019 10:13 pm

Deutsche Bank clamps down on hiring amid €7.4bn restructuring

Deutsche Bank is tightening its procedures for new hires as it undergoes a major restructuring and headcount reductions.

According to an internal memo seen by news agency Reuters, any new hires would need specific approval from the bank’s chief executive Christian Sewing, his deputy Karl von Rohr and finance boss James von Moltke.

Read more: City jobs at risk as Deutsche Bank slashes 18,000 roles globally

“Hiring will be restricted to positions that are viewed as critical to the bank’s success and future growth, with a greater emphasis on internal mobility and identifying tasks we can discontinue,” the memo said.

The move is a shift from previous policy when subordinates had greater say over external hires.

In July, the German banking giant announced plans to cut 18,000 jobs as part of a €7.4bn (£6.7bn) restructuring programme.

The new policy will run throughout 2019 and will be revisited at the end of the year, the memo said.

Read more: Deutsche Bank wields the axe in London as traders sent home

Last month traders were sent home from the bank’s London offices as the bank began to slash jobs.

Numerous bankers were given until 11am to vacate their offices, while bosses held conference calls to inform different teams about their future.

Outside Deutsche Bank’s City headquarters one employee described the mood as “glum”. He said there were “lots of empty desks and blank screens”.

Deutsche Bank was contacted for comment.