Deutsche Bank targets 1,000 job cuts in the retail arm

  • Deutsche Bank targets 1,000 job cuts in the retail arm
    Independent.t. E.
    Deutsche Bank plans to cut about 1,000 jobs at the headquarters in the retail segment, according to as.
    https://www.independent.ie/business/world/deutsche-bank-aims-for-1000-job-cuts-in-retail-arm-37251764.html
    https://www.independent.ie/business/world/article37251763.ece/3a623/AUTOCROP/h342/2018-08-26_bus_43552004_I1.JPG

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Deutsche Bank plans to cut about 1,000 jobs at the headquarters in the retail segment, according to as.

It will be about one in five people working in its newly merged German retail unit, split between Frankfurt and Bonn. Most of the reductions will strive to eliminate duplication of back office functions and middle office, people say.

They asked not to be identified because the information is confidential. The number still to be discussed from the powerful tips of employees.

Deutsche Bank chief Executive, Christian sewing has promised to cut the entire staff of the Bank, at least 7,000 since April, when he took over, and by the end of next year.

Sewing is not yet complete, as the reduction would be divided into three main departments of the Bank.

It is unclear how many job cuts at German retail staff will occur by the end of next year. The Bank is obliged by agreement with the unions not to lay off employees for the retail business against their will for business reasons until mid-2021.

Any reduction in jobs prior to this date must occur through voluntary channels, such as early retirement or severance pay.

The lion’s share of reductions to date have occurred in the client-investment banking jobs and the focus is now shifting to the so-called jobs, including retail in the headquarters of the Bank.

The representative of the “Deutsche Bank” declined to comment.

The Bank increased its digital banking operations with a second investment in a startup financial technology for four months, indicating a slow revolution in one of the most important units.

The German lender agreed to buy an unspecified stake in the Dallas ModoPayments startup, with the aim of strengthening its global banking operations and tap the fast-growing channels outside the traditional banking activities.

Bloomberg

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