Thousands of jobs may go at Deutsche Bank 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...
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