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Deutsche Bank Board Said to Seek 6,000 Job Cuts at Retail Unit

Deutsche Bank AG’s management board will seek to cut as many as 6,000 jobs at the lender’s retail unit by the end of 2022, providing the first estimate for the expected staff reductions at the newly formed division, according to two people briefed on the matter.

The final target for the reductions will need to be negotiated with the bank’s labor representatives and may end up being lower, according to the people, who asked not to be identified discussing the information. The bank seeks to cut more than 1,000 jobs each year through voluntary departures and natural attrition, the people said.