About 400 jobs will be slashed at Deutsche Bank in Germany. This is part of the Bank’s restructuring plan that had begun in 2019 and was to be implemented over a period of four years. Back in 2019, Christian Sewing, CEO, Deutsche Bank, had revealed intentions to cut 20 per cent of the workforce. However, considering the strict labour laws in Germany, the job cuts have been taking place slowly.
Up to 450 jobs may go at one of the two retail networks in Germany, as part of the branch closures announced in 2020.
It is reported that discussions are on with labour representatives on ways to develop the private clientele in the country and also shrink the workforce.
In December 2020, Deutsche Bank’s retail banking sector had announced plans to close 200 branches over a period of two years, which meant that about a 100 branches of Deutsche Bank and another 100 at Postbank were to be shut. When the German bank took over Postbank, an agreement was signed that stated around 50 Postbank branches could be closed in a year. This announcement did not come as a surprise then because the industrial sector as well as various banks in Germany were implementing mass redundancies and rationalisation plans.
At that time, a programme at Deutsche Bank was already in operation for a while, wherein about 18,000 full-time positions worldwide out of the strength of 92,000, were being eliminated by the end of 2022. The aim was to save about € 3.3 billion.