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Deutsche Bank to cut up to 1,000 jobs as part of Postbank integration

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Deutsche Bank to cut up to 1,000 jobs as part of Postbank integration

Deutsche Bank AG intends to eliminate about 1,000 posts as part of the planned merger of retail division Deutsche Postbank AG with its own Deutsche Bank Privat- und Geschäftskunden AG business, Reuters reported, citing a spokeswoman for the German lender.

The bank's workforce were informed about the staff reductions, which form part of a voluntary program, earlier in the week of Dec. 18, according to the spokeswoman.

Earlier, the English edition of German publication Handelsblatt reported that some 750 jobs could be affected at Postbank, with the rest at the parent company. The newspaper also added that Deutsche Bank was hopeful of achieving two-thirds of the voluntary redundancies through early retirement and the rest through severance packages.

Employees have until October 2018 to decide whether to accept the terms, Reuters reported Dec. 20.

After abandoning plans to sell Postbank, Deutsche Bank said it would merge the unit with Deutsche Bank Privat- und Geschäftskunden to create a new single legal entity, called Deutsche Privat- und Firmenkundenbank, by the second quarter of 2018. The bank noted it will incur €1.9 billion in restructuring expenses and other investments, mostly in IT.