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Deutsche Bank to cut 1,950 jobs as part of Postbank integration

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Deutsche Bank
REUTERS

FRANKFURT — Deutsche Bank is planning to cut 1,950 jobs as part of the integration of its Postbank business, newspaper Handelsblatt reported, citing people familiar with the matter.

The bank will cut about 750 jobs by 2020 in the joint headquarters of Deutsche Bank’s private and corporate clients business, while another 1,200 will go by 2022 in the area of operations, which includes account services and credit settlement, the paper said.

A spokeswoman for the bank declined to comment.

Deutsche Bank is in the process of integrating Postbank, the retail banking business once owned by the German postal service, with its own retail banking operations to save costs.

The new business will have 20 million customers with about 325 billion euros ($366 billion) in deposits, according to Deutsche Bank. — Reuters