Luxembourg -Redundancies at Deutsche Bank Group -August 01, 2013

Deutsche Bank Group has signed a social plan with trade unions OGBL, ALEBA, and LCGB for the 175 workers it intends to layoff in a cost-cutting measure. The majority of the cuts will occur at Deutsche Postbank International SA (104); the rest of the job losses will come from Deutsche Bank Luxembourg (33), Sal. Oppenheim Luxembourg (26) and DWS Investment SA (12). DBG agreed to a social plan, which in addition to statutory redundancy payments includes voluntary severance, outplacement measures and training, social assistance and the possibility of extended notice for those who do not find a job after the legal notice.


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