German banking giant Deutsche Bank is reportedly planning to eliminate approximately 1,000 jobs at the headquarters of its retail division.
Bloomberg reported quoting persons familiar with the matter that the bank aims to abolish duplication in back- and mid-office jobs through job-cut.
The proposed cut would be nearly one in five of the staff working at its recently-combined retail arm in Germany, divided between Frankfurt and Bonn.
The sources told the publication that final numbers are yet to be negotiated with the workers’ councils.
Earlier, Deutsche Bank CEO Christian Sewing vowed to eliminate at least 7,000 jobs across the bank’s three core divisions between April and by the end of 2019. However, Sewing did not reveal how the cuts will be implemented.
The job cuts are expected to take place through voluntary channels such as early retirement schemes or severance pay; the bank cannot fire retail unit employees against their wish before mid-2021 as per an agreement reached with unions.
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In March, reports emerged that the bank was planning to cut approximately 6,000 jobs at its retail banking unit by the end of 2022.
Deutsche Bank, founded in 1870, offers investment banking, institutional equities broking, asset and private wealth management, retail banking and business processes outsourcing.