Bodies such as the German government and the European Central Bank (ECB) can say that the failure of the largest commercial banking institution in the economic heart of Europe would have disastrous ramifications for the continent and the world as a lack of investor trust will send an economic shockwave from Germany outward. Thousands of the cuts are in the equities trading business Deutsche Bank is eliminating -- and that’s an area hit particularly hard by automation. Before we ponder how the situation might unfold, let’s review how Deutsche Bank got to its current state. And with firms throughout the industry running lean, they won’t all find jobs easily. Financial sponsors lead many deals, so many industrials. “It’s a bad time to be looking for a job with the normal summer lull and generally poor market conditions,” said Joseph Leung, managing partner at Aubreck Leung, a London financial-services executive-search firm. Want the lowdown on European markets? “Some of these bankers will have to reinvent themselves.”, Read More: Deutsche Bank Ax Swings From Sydney to London to New York. “That said, the Deutsche people could be attractive as they are effectively free agents -- they will likely be getting their stock and won’t have any notice period, so can start straightaway.”, — With assistance by Sridhar Natarajan, Jennifer Surane, Stefania Spezzati, Yalman Onaran, Alix Steel, and David Westin, Wall Street automation, reduced risk-taking have cut positions, ‘Some of these bankers will have to reinvent themselves’, What Deutsche Bank's Restructuring Means for the Firm, Banking Industry. Deutsche Bank will cut more costs, Germany's biggest bank said on Wednesday, as it confirmed a key profitability target for 2022 that analysts are not convinced it will achieve. Additionally it was revealed that Deutsche will cut its investment in information technology by over a billion dollars per year, a move that will hinder it from catching up with competitors or being able to face new challengers in the fintech domain. In November 2018, its headquarters were even raided by law enforcement officers and representatives of the German tax authority. Front-office headcount for investment banking and trading fell for a fifth year in 2018, according to Coalition Development Ltd. data. In fact, the International Monetary Fund called the bank in 2016 “the most important net contributor to systemic risks” to the global financial system. “When you are dispersing that many people globally, some of those people might have to leave the business.”. Deutsche Bank AG’s massive reorganization will put thousands of finance employees out of work. As we have seen with the last global crisis financial, disillusioned voters might feel that those in power are sacrificing their savings in order to help rich bankers from too-big-to-fail institutions, fueling a drift to populism in extreme right and left parties, further destabilizing the established order. Share your thoughts in the comments section below. A new financial crisis triggered by a collapse of Deutsche Bank can also drive more people to discover cryptocurrency as an alternative to fiat, as the faults of the old system become obvious to understand. Some traders may end up at family offices -- investment vehicles for the ultra-wealthy that have been taking employees from Wall Street firms, Schwarz said. Before it's here, it's on the Bloomberg Terminal. Deutsche Bank’s progress on its transformation plan prompted Moody’s on Nov. 3 to lift its credit ratings outlook to stable from negative. 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