Deutsche Bank Said to Cut 543 Jobs at Retail Business in Germany
Deutsche Bank AG (DBK) will cut about 543 jobs by merging back office operations at its retail business in Germany, according to a person with knowledge of the matter.
The lender will combine the activities of its Deutsche Bank, Norisbank and Postbank brands, said the person, who asked not to be identified because the size of the cuts hasn’t been made public. While Deutsche Bank will bundle back office operations, the firm doesn’t plan to cut more staff than it has agreed with labor representatives, Ronald Weichert, a spokesman for the company said today in an e-mail.
The world’s biggest banks are reducing staff to help counter a slide in revenue as Europe’s sovereign debt crisis deters client trading and investment. Deutsche Bank said in July that it will eliminate about 1,900 positions, mostly outside Germany, in a bid to boost profitability.
Deutsche Bank, Germany’s biggest lender, has been in “constructive” talks with labor representatives for one and a half years as it integrates Deutsche Postbank AG, Weichert said.
Sueddeutsche Zeitung reported earlier that Deutsche Bank would cut 543 positions in Bonn and Frankfurt in departments including finance, risk and legal. The German newspaper also cited an unidentified person familiar with the matter as saying 4,000 to 6,000 jobs could be eliminated.
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