So, the German Commerz Bank has decided to trim back 9,600 jobs in Germany. It won't happen all in one single month, or one single year....the analysts hint that it should be finished by 2020. Some folks may find job offers to come back within the bank, but in a totally different capacity.
The Deutsche Bank? It's announcement in the past week involved the cut of 7,300 jobs. This probably won't be spread out to 2020, and a fair number of people will be let go over the next twelve months. In their case, the jobs will be internationally done.....so the affect on the German market is a question mark. One might assume that half of these jobs will be from within Germany itself.
If you add it up.....it's probably in the range of 12,000 banking sector jobs in Germany. Those who are near sixty....probably will go and retire....using some of their savings to cover things until they reach 65 and they get their pension. The rest? That's a big question mark.
What does an unemployed bank employee do?
Some of their talents might fit into the insurance business but there's no growth in jobs there. Some of the jobs might fit into a regular clerk field, but there's no growth there.
You can imagine in a town like Wiesbaden.....being the bank-jobs-technician....you sit and review forty folders. No job growth in town for these people, and so you need to convince them to retrain. Some who are in their 20's....might easily accept this. Some who are in their 40's....won't easily accept this. Some in their 50's.....will be extremely disturbed by this mess.
Two or three years from now....you might be standing in some small grocery and chatting with the new shift supervisor of the grocery.....then come to realize that he was your mid-level bank boss from town, and this is his new profession.
It's an odd problem....one must admit.
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