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Workers at Deutsche Bank HQ call for Jain to quit as job cuts loom
May 28, 2015 / 4:01 PM / 2 years ago

Workers at Deutsche Bank HQ call for Jain to quit as job cuts loom

FRANKFURT, May 28 (Reuters) - Labour representatives at Deutsche Bank's headquarters called for the resignation of co-Chief Executive Anshu Jain as Germany's largest lender prepares to slash jobs.

The works council representing "Corporate Center" at the bank's headquarters said staff morale was suffering, according to a flyer distributed by the council which represents some 2,500 employees.

The existence of the flyer was first reported by daily Handelsblatt.

Deutsche Bank declined to comment.

The bank is preparing some 4.7 billion euros ($5.1 billion) in cost cuts that are expected to hit staff worldwide, as part of a strategy designed to pare its retail and investment banking exposure.

Jain was made directly responsible for reforms and cost cuts in a boardroom shakeup last week.

"A radical new start would restore our credibility and could produce a real boost to morale," the works council wrote in the flyer, which it produced independently and not in coordination with other works councils at the bank, the paper wrote.

The flyer was not distributed by a member of the bank's supervisory board, or board directors where labour respresentatives hold half the seats.

The bank's vice-chairman of the supervisory board, Alfred Herling, who oversees management, said he was not aware of any critique of individual members of management at the supervisory board level, the paper said. ($1 = 0.9168 euros) (Reporting by Kathrin Jones and Thomas Atkins; Editing by David Holmes)

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