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Report: Deutsche Bank eyes axing 6,000 jobs at retail unit by 2022-end

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Report: Deutsche Bank eyes axing 6,000 jobs at retail unit by 2022-end

Deutsche Bank AG's management is looking to cut as much as 6,000 jobs at its retail unit by 2022-end, Bloomberg News reported March 11, citing "two people briefed on the matter."

The final figure will be discussed with the German lender's labor representatives and may still be reduced, Bloomberg said. The cuts would be in addition to an earlier goal set by CEO John Cryan in 2015 of getting rid of about 9,000 jobs in the group by 2020.

Deustche Bank is targeting cutting over 1,000 jobs annually through voluntary resignations and natural attrition, the sources reportedly said. Cryan has pledged to yearly cut costs of about €900 million from the unit arising from the merger of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank AG.

Separately, Cryan said Deutsche Bank's management board will again waive its bonuses, while employees will receive variable compensation as planned, Zeit Online reported March 10.

"The variable compensation won't be as high as it was in 2015, but it will be significantly higher than in 2016," Cryan reportedly said. The bank paid approximately €2.4 billion in bonuses in 2015, but the payout dropped to €546 million the following year.

In early February, the bank reported full-year 2017 net loss of €497 million, owing to charges arising from recent U.S. tax reforms.