Deutsche Bank to start job cuts in Germany: Newspaper
FRANKFURT (REUTERS) - Thousands of jobs may go at Deutsche Bank AG in Germany, with a first round of losses at its base in Frankfurt and its Postbank unit in Bonn, a German newspaper reported on Friday.
Back-office services from its retail banking brands that are currently carried out by a variety of subsidiaries will in future be done by workers at one new unit under a new structure, and all IT systems will be transferred to one platform, potentially eliminating thousands of jobs, Sueddeutsche Zeitung reported.
In a first wave, 543 jobs will be scrapped in Bonn and Frankfurt, the paper said, citing an internal document, with cuts in the finance, risk, controlling, treasury, human resource, economic analysis and legal departments. Around 80 per cent of the 543 jobs cut will be in Bonn, the paper added.
Deutsche had announced 1,900 job cuts in July, but said they would come mostly outside of Germany.