Deutsche Bank To Cut Thousands Of Jobs In Germany

Deutsche Bank to start job cuts in Germany: paper (Reuters, Sep 20, 2012):

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, HR, economic analysis and legal departments. Around 80 percent 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.

The bank’s chief executives said last Tuesday, however, they would axe more jobs than that, along with cutting bonuses and selling assets to meet tougher capital rules.

Deutsche Bank was not immediately available for comment.

The paper cited a Deutsche Bank spokesman as saying no job cuts were planned beyond those already agreed with labor representatives.

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