Deutsche Bank to layoff 126 New York staff as part of restructuring

NEW YORK (Reuters) – Deutsche Bank AG plans to lay off 126 employees in New York in the coming months, according to a filing the bank made with New York state that was made public on Thursday.

The 126 employees are being let go for economic reasons and their final day will be between Aug. 7 and Aug. 21, according to a Worker Adjustment and Retraining Notification that the bank filed with the New York State Department of Labor on July 8.

Deutsche Bank on Monday announced plans to cut 18,000 jobs worldwide, as part of a 7.4 billion euro ($8.3 billion)restructuring Chief Executive Christian Sewing hopes will turn around the bank, whose shares hit a record low last month.

Companies based in New York that have at least 50 employees are required to notify the state Department of Labor if they plan to reduce the local workforce by a significant number. They must file “WARN notices” 90 days ahead of the planned reductions.

Deutsche Bank had 9,275 employees in North America, predominately in New York, at the end of 2018, according to its annual report.