2/13/2019, 7:43 PM (Source: TeleTrader)
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DB to cut almost 2000 jobs by 2022 - report

Deutsche Bank AG is planning to cut 1950 jobs by 2022 as a part of its Postbank integration, the Handelsblatt reported on Wednesday.

Reportedly, Deutsche's board of directors has already presented a plan to reduce the number of employees in the bank's private and corporate clients business headquarters by 750 until 2020, followed by another cutback of 1,200 positions by 2022 to the worker representatives. The second reduction will target the bank's operations sector, which includes settlement and service tasks such as account services, loan processing, and similar administrative activities, the media outlet reported.

Deutsche is also expected to announce whether it will merge with Commerzbank AG before the European election in May.

Breaking the News / MD