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Deutsche may cut 1000 jobs

Deutsche Bank may lay off nearly 1000 people as part of the proposed integration of its retail unit – Postbank. A bank spokesperson said the identified employees have been given prior information and this will be part of a voluntary program. This will be part of the integration and there will be nearly 250 layoffs at Deutsche Bank, while Postbank unit will retrench 750 jobs, the spokesperson said. Nearly 2/3rds of the jobs cut is expected through early retirement and the remaining through severance pay. Deutsche Bank and Postbank announced the realignment of their business with private and commercial clients, in which over 20 million clients and 325 billion euros in client business volume will create a single entity, which will be completed by the end of second-quarter 2018.

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