DZ BANK AG, the central institution for cooperative banks in Germany, will cut 485 jobs by 2022 due to the growing digitization of its business, Handelsblatt reported Oct. 4, citing an internal letter to staff.

The bank will cut around 10% of its current workforce as it seeks to increase its operating income by an average of 3.5% per year by 2022 while remaining risk-conscious, according to the letter.