Deutsche Bank is reportedly planning to trim one-third of its headcount at its retail banking hubs in Frankfurt and Bonn, Germany.

The job cuts are part of its strategy to slash costs and return to profit, Reuters reported citing a letter to employees.

One in three job cuts at its retail unit represents nearly 350 redundancies, which will mainly take place at its retail banking arm Postbank.

The German lender will reduce its headcount by the end of 2022, the report added.

The letter signed by Deutsche Bank board member Karl Rohr said: “We will only make our private customer business in Germany profitable and sustainable if we continue to reduce costs significantly. To achieve this, we will have to take further measures.”

The letter added that the job cuts will be carried out in the “most socially acceptable way possible”.

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Deutsche Bank is executing restructuring plans to lay off employees and cut costs in order to return to profit.

Last month, the lender divested its IT arm to India-based Tata Consultancy Services.

In September, Deutsche Bank was in the news for looking to revamp its working policy to slash office costs.

Recent job cuts

Last week, Danish lender Danske Bank trimmed its workforce by 257 across the group, as part of its 2023 cost-cutting plan.

Last month, French retail banking group BNP Paribas decided to axe up to 800 jobs at its Polish banking arm BNP Paribas Bank Polska.

In the same month, French banking group Societe Generale decided to lay off 650 people in its home market as part of its restructuring plan to cut costs.

Further, HSBC axed 100 senior-level jobs at its UK retail banking arm while Dutch lender ING shrank its workforce by 1,000 amid rising cost pressures.