DEUTSCHE BANK HAS announced this morning that it plans to cut up to 450 jobs at its Dublin office.

The bank employs around 600 people in the capital.

In a statement posted on its website, the German bank said it plans to relocate 250 of the roles from Dublin to other centres around the world.

Separately, the bank said that it will be “materially reducing” its contractor workforce in Ireland over the coming year. The lender, based at the East Point Business Park in Dublin, employs around 200 contractors in Ireland.

Deutsche Bank added that it remains “committed to supporting its Irish corporate, institutional and private wealth clients in the region and to maintaining a significant presence in Ireland”.

The changes are part of a wider strategy to streamline its operations and reduce costs, which was first announced in 2019.

“We understand that the proposed plan will cause uncertainty and concern to impacted colleagues, and we are committed to supporting them through the consultation process,”

“Dublin will continue to be an important centre for the bank,” Mary Campbell, Chief Country Officer of Deutsche Bank Ireland said.

The bank added that the proposed changes will not impact the service provided to its clients.