Company Top Stories

Deutsche Bank Reviews State Relief for Employees in COVID-19 Pandemic

Deutsche Bank Reviews State Relief for Employees in COVID-19 Pandemic

Deutsche Bank is, for the first time, contemplating asking its German employees to reduce their hours and take government cash instead as it attempts to stem the coronavirus crisis.

Deutsche Bank Reviews State Relief for Employees in COVID-19 Pandemic

After years of losses, Germany’s largest bank has been attempting to engineer a shake-up that includes pulling back from a few of its international businesses; however, its recovery plan and share price have been affected hard by the pandemic.

Short-time work is a form of state relief that enables employers to move employees to shorter working hours during an economic slowdown to keep them on the payroll. It has been extensively used by trade, along with Germany’s automotive sector, however, not by banks.

Germany recently expanded its short-time work program to ease the pressure on firms during the coronavirus pandemic and Deutsche Bank is only one of several banks studying its options.

If Deutsche Bank implements the scheme, it might be more likely to mainly have an effect on these of its employees who work in branches that are briefly closed, perhaps several hundred of the bank’s 40,000-strong workforce in Germany, sources said.

Deutsche stated it was not at present utilizing short-time work; nevertheless, it was “inspecting whether and where it could be helpful”.

About the author

Daisy Galbraith

Daisy Galbraith

Accuracy. Speed. Client Satisfaction. These three things have been the focus of my proofreading and copy writing work prior to joining ELANCE. I have experience in proofing and editing at all levels of academic work – from high school through to PhD. Within that, I have particular experience in proofing work carried out by students whose first language is not English, but who have chosen academic studies in English. I am employed as a high-school English teacher, giving me daily experience of correcting spelling, grammar, idioms and phrasing – and an infinite amount of patience when it comes to the written word. I also have experience in proof reading and copy editing for commercial purposes.