I shared this news which was reported in all medias in a sales training session I was conducting yesterday. Deutsche Bank will be having a huge restructuring and up to 20,000 people may lose their jobs. A report here. Let’s understand that with online, (yes, 5G is coming very soon) most transactions could now be easily done online. With the right apps, companies will need far fewer staffs to process transactions. This is why if we are currently doing the exact same thing as what we did last year but we are paid more this year compared to the last, it’s time to worry, really and seriously. Earlier article: Doing same thing every year is scary!
Article in bbc.com here. Many of the staff cuts will happen in London and New York. This reorganisation is happening right after the failure of merger talks with Commerzbank. This was what the chief executive Christian Sewing said, “I can assure you: we’re prepared to make tough cutbacks.” This cut will be up to 20% of all the company’s global workforce. London has almost 8,000 staffs and is home to its biggest investment banking operation. Shares in the firm have fallen over a quarter over last year. Deutsche Bank has been struggling for years with the decline of its investment bank. Beyond just a decline in performance, Deutsche Bank was also caught up in banking scandals. Please do refer to the full article in bbc.com
By the way, 20,000 people losing their jobs meant it will affect at least 60,000 others because these people may have families or even currently supporting their parents for example. Suddenly, everything is now lost. Impact to the community where hundreds of these staffs work will also be great. That burger stall loved by the many hundreds of people may suddenly have far fewer sales moving forward. Impact is going to be huge.
Perhaps one important question we want to ask ourselves is this. Is the organisation I work with today very safe and will survive for the next 50 years? The answer will be blurry but perhaps we should ask ourselves what happens if this were to happen to me; one of the staffs who were retrenched. If we have been saving diligently and investing it since many years ago, then we get that window where our savings will be enough to last us for a few months while we get a new job.
If we have been learning many new skills, for example, a real estate professional I know is now a famous YouTuber or an online recruitment professional I know is now a famous blogger BUT both of them continue to be doing well in their original fields, then I think it’s going to be better for both of them. Oh yeah, how much do a real estate agent is earning? Earlier article here: How much do a REN earn as basic salary?The question is thus, are we prepared? Do we have a passive income which we have been building for the last few years. if the answer is NO, then it’s now a very good time to start. Watching the latest youtube video can wait… Happy understanding.
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