After letting go 3,500 support staff in 2024 in a bid to save cots, Deutsche Bank is readying to axe 2000 more jobs this year. The move has been decided on to increase the German bank’s profitability.
The dipping profits have forced Deutsche Bank to trim its retail banking division. The bank had reportedly closed down 125 branches in 2025 and had revealed plans to close down 50 this year.
The plan to reduce headcount was revealed by Christian Sewing, CEO, Deutsche Bank. This round of cuts will affect those in the personal bank and its subsidiary, Postbank.
These cuts were reportedly accounted for as restructuring costs last year, but the execution is being carried out this year.
Sewing had already shared long ago that the bank would be analysing the situation to see where they should invest and whether investment should be withdrawn from areas that were not performing up to the mark.
Having taken over as the CEO about seven years ago, Sewing is determined to make the bank profitable and had opted for restructuring in 2019 soon after he took charge. His turnaround strategy involved implementing cost cuts even while investing strategically. Under his guidance, the bank had undergone a rehaul of its operations. Sewing had chosen to focus on corporate banking and wealth management and shifted away from investment banking.
