Huge job cuts at Deutsche Bank will not hit employees working in the asset management arm of the global bank, PropertyEU has learned.
The German lender has slashed 18,000 positions worldwide, in a major overhaul of its entire operation.
But the roles of 3,600 people employed by DWS – the asset management arm of the financial giant - are safe from redundancy.
A spokesperson for DWS said: ‘There is no impact from the Deutsche Bank redundancies. The changes at the bank do not impact DWS or its business. They stay on course in serving their clients as a fiduciary asset manager. There will no change in relationship with Deutsche Bank and there will be no impact on DWS’s strategy.’
DWS has €704 bn AUM invested in around 180 funds and is the top retail asset manager in Germany.
The swingeing programme of redundancies by Deutsche Bank is seen as a consequence of its over-arching ambition to compete with Wall Street, and a failure to undergo a reckoning with the effects of the global financial crisis of a decade ago.
The purpose of the job cuts is to make Deutsche 'leaner and stronger', the company said. Deutsche Bank chief executive Christian Sewing said they were 'painful but unavoidable to ensure Deutsche Bank's long-term success'.