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Tech contractors won’t lose jobs, says Deutsche Bank

In the wake of news that it is cutting 18,000 jobs, Deutsche Bank is insisting that freelance tech workers are not among those affected, contrary to suggestions that some were sacked without warning.

The bank, which has its main base in Frankfurt, has claimed that only those who work for it on a full-time basis are being impacted by the job losses. Prior to the cuts, Deutsche Bank employed over 97,000 people, but this is expected to fall to around 74,000 by the time it finishes the cuts it is aiming to make – a process that is set to take three years. However, it has insisted to Contractor UK that those sacked will not include contract tech workers.

While this sounds like good news to IT contractors already dealing with the uncertainty caused by Brexit, there is anecdotal evidence of such workers being told that their services were no longer required with immediate effect when the first round of cuts were applied during August.

The company is currently asking 5000 of these ‘external’ workers to become ‘internal’ – non-contract – employees and it could be that those who do not want to do that are the ones losing their jobs. The bank argues that it still sees contract IT staff as crucial to its future and that it is simply seeking a better balance between full-time and freelance tech staff, but some may already be getting advice about their financial situations from contractor accountants in Liverpool or whatever city they are based in.

Posted by Mark
August 19, 2019

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