German banking major Deutsche Bank is planning to retrench between 400 to 450 employees in first round of branch closures in its home market, Bloomberg has reported.
This proposed decision is a part of the bank’s CEO Christian Sewing’s plan to slash 20% of workforce in four-years restructuring, which was announced in 2019.
The exact number of job cuts is not finalised, and it may change as the talks with works councils are ongoing, reported Bloomberg citing unidentified sources.
In an emailed statement to Bloomberg, the bank’s spokesperson said: “We’re currently discussing with the labour representatives how to develop the private clients business in Germany, how to adapt the branch network and how to reduce jobs. We cannot preempt the outcome of those talks.
“A decision hasn’t been made at the current juncture. Once this has happened, we will first inform our employees and then the public.”
Similar speculations about job cuts were made in December last year about the bank’s plans to trim one-third of its headcount at its retail banking hubs in Frankfurt and Bonn, Germany.
However, the pace of job cuts in the bank’s retail network has been slow because of costly and difficult procedures imposed by German labour laws.
Last year, the bank announced its plans to shut 100 of its 500 bank-branded branches along with 100 of its 800 Postbank- branded branch network.
Bank job cuts:
Earlier this month, German lender Commerzbank finalised 10,000 job cuts and close hundreds of branches as part of its latest cost reduction and digitisation strategy.
Recently, Netherland-based Rabobank announced plan to cut 5,000 jobs over the next five years as part of its ongoing cost optimisation measures following the pandemic.
In January, HSBC shut 82 UK branches, reducing its branch network from 593 to 511 outlets as part of its new branch formatting.