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Deutsche
Bank, Oracle to cut jobs
Our Corporate
Bureau
29 December 2001
 Mumbai:
Germany’s
largest commercial bank, Deutsche Bank, has announced
plans to cut a further 2,100 jobs in its corporate and
investment banking divisions. "The restructuring
will be carried out over next 12 months," the bank
said in a statement.
About 350 jobs will be lost in the UK where the bank employs
less than 10,000 people. The job cuts come on top of 7,100
cuts announced in several waves of cost-cutting measures
earlier this year. Some analysts expect the total layoffs
to rise in 2002 to between 12,000 and 15,000.
In the meantime,
enterprise software-maker Oracle Corp has decided to cut
as many as 840 jobs from its global workforce of 42,000
as part of a realignment of the company’s services business.
An Oracle spokesman said the cuts would represent between
1 and 2 per cent of the company’s global workforce, and
most would come from its services division.
"While certainly some people will leave the organisation,
others will be redeployed," the spokesman said. The
job  cuts
appear to be related to a bigger management shift at the
company based in Redwood, California.
Earlier this month, Jay Nussbaum stepped down as executive
vice-president of Oracle’s services business after 10
years, taking a senior executive position at the enterprise
software and services division of KPMG Consulting.
List of reports on Deutsche Bank
List
of reports on Oracle
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