Deutsche Bank tells state of 100 job cuts

44 were in Timonium

56 in city are planned

May 02, 2002|By Bill Atkinson | Bill Atkinson,SUN STAFF

Deutsche Bank AG, the big German banking company with operations in Baltimore, has notified the state that it is eliminating 100 jobs downtown and in Baltimore County, the state said yesterday.

Deutsche Bank plans to cut 56 jobs in the city, according to a report issued by the Department of Labor, Licensing and Regulation. Of the 100 positions, 44 back-office jobs were cut in March at its Timonium operations unit, where trading information is processed.

Deutsche Bank officials in Baltimore and New York did not know the specifics of the job cuts and declined to comment.

Under federal law, companies must give the state and employees 60 days' notice when they plan to lay off 100 or more workers in a single location.

Marco K. Merrick, a spokesman for the state's Department of Labor, Licensing and Regulation, said the state received notice Monday, though Deutsche Bank was not obligated to tell the state because the cuts are at two sites.

The cuts are part of Deutsche Bank's effort to slash about 9,000 jobs globally from the company's work force of about 95,000.

Deutsche Bank moved here in June 1999 when it acquired Bankers Trust Corp. and Alex. Brown Inc. Since then, it has whittled away at the company.

This year, 19 investment bankers, analysts and clerical employees who work in Baltimore were terminated.

Deutsche bank has about 1,000 employees in the Baltimore area, down from about 1,500 when it acquired Alex. Brown.

A number of top executives have left Deutsche Bank's Baltimore operations recently. They are Margaret M.V. Preston, chief financial officer, who is running the private-wealth-management unit of Mercantile Bankshares Corp.; Thomas Schweizer Jr., head of its private client group, who retired in March; and Mayo A. Shattuck III, who resigned as chairman in September and became president and chief executive officer of Constellation Energy Group Inc.

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