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Deutsche Bank to begin first round of job cuts in Germany

Deutsche Bank in Germany is set to begin its first round of proposed job cuts in Frankfurt and its Postbank unit in Bonn.

Sueddeutsche Zeitung, a German newspaper cited by Reuters, reported that thousands of jobs will be eliminated as back-office services from its retail banking brands will be performed at one new unit in near future, while all IT systems will be transferred to one platform under a new structure.

The bank’s chief executives also recently added that additional job cuts other than those planned were likely to take place, including slashing bonuses and selling assets to meet capital regulations, as reported by Reuters.

The paper added that around 543 jobs in the finance, risk, controlling, treasury, HR, economic analysis and legal departments will be axed in Bonn and Frankfurt, of which 80% will be in Bonn in the first round.

Deutsche had originally revealed in July this year that about 1,900 job cuts would come mostly from outside of Germany.

Meanwhile, the Deutsche Bank spokesman was cited as saying that job cuts beyond the already agreed with labour representatives will not take place.