Deutsche Bank Is Seeking Up to 1,000 Voluntary Exits, HB Reports

(Bloomberg) -- Deutsche Bank AG is seeking to cut as many as 1,000 jobs through voluntary departures as part of its plan to integrate the Postbank consumer banking unit, Handelsblatt reported, citing unidentified sources in the finance industry.

The program could see 250 jobs cut at Deutsche Bank and another 750 eliminated at Postbank, according to the newspaper. The company aims to cut two-thirds of the positions through early retirement and the remainder through severance, with staff having until the end of October to decide, Handelsblatt said. Monika Schaller, a Deutsche Bank spokeswoman, declined to comment.

Chief Executive Officer John Cryan earlier this year reversed a plan to sell Postbank, meaning most of its approximately 18,000 employees will remain with the company. A Postbank spinoff had been a cornerstone of Cryan’s previous job-cutting plan, with the bank announcing in 2015 a target of cutting about 9,000 jobs by 2020. The bank had said the Postbank integration would lead to redundancies, without giving more details.

Cryan, in an interview with the Financial Times earlier this year, pointed to the approximately 97,000 employees at Deutsche Bank, which he said was double that of many competitors.

To contact the reporter on this story: Dale Crofts in Zurich at dcrofts@bloomberg.net.

To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net, Christian Baumgaertel, Keith Campbell

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