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Report: Deutsche's domestic ops to take half of 18,000 job cuts

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Report: Deutsche's domestic ops to take half of 18,000 job cuts

Deutsche Bank AG is looking to implement nearly half of the 18,000 job cuts envisaged under its restructuring in its home market, with its retail banking business likely to take a hit, people familiar with the matter told Bloomberg News.

As of 2018-end, the Frankfurt, Germany-based lender employed roughly 41,700 people domestically out of its 91,700-man global headcount, according to the Oct. 8 report. CEO Christian Sewing had previously said Germany would take "a fair share and a good share" of the cuts, along with the bank's British operations, which would reportedly be hit hard, too, partly due to Brexit.

The bank's local retail bank is also increasingly at risk of being affected by massive cuts, with Manfred Knof, the new business head for the division, currently exploring ways of cutting costs, the sources said. Among his possible plans are converting the unit's second base in the city of Bonn into an outpost and dissolving the unit's separate legal structure, the sources added.

The bank will likely make a decision over the German retail bank before its investor day in December and would require clearance from regulators, which have so far reportedly expressed a positive view. The planned local job cuts will include positions that have been made redundant following the merger of the retail business with Deutsche Postbank AG, Bloomberg added.

Deutsche Bank previously indicated that most job cuts will affect support positions and back-office staff as it moves toward automation, the report added.