Deutsche Bank to Relocate Half of New York Employees Within Next 5 Years

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] Deutsche Bank is reportedly considering relocating half of its 4,600 employees working in Manhattan, New York, to other small and medium-sized hubs within the next five years, Bloomberg reported on the 13th (local time).

This decision comes in response to the COVID-19 pandemic, with Bloomberg reporting that New York's role as a business hub is being threatened by the virus.

Christiana Riley, CEO of Deutsche Bank's U.S. branch, stated, "The background of this decision is that many employees have successfully worked from home over the past nine months."

However, this change in work style is not about establishing remote work like IT companies but about reallocating personnel to several low-cost hubs outside New York.

Daniel Hunter, a spokesperson for Deutsche Bank, said, "As we move to the Time Warner Center, we are discussing relocating existing employees to other cities or methods of working from home, but no concrete plans have been made yet."

Meanwhile, Deutsche Bank announced last September that it would allow its U.S. employees to work from home until June next year.

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