Deutsche Bank plans to reduce the workforce of its retail banking division by nearly 2,000 employees by 2025, along with a significant decrease in the number of branches, according to CEO Christian Sewing.
This job reduction announcement marks a new development for Germany's largest bank as it works toward achieving ambitious financial targets by the end of the year.
Sewing stated at a financial conference organized by Morgan Stanley that the bank would continue to close a substantial number of branches, consistent with its previous plans. He noted that these cuts would affect both the Deutsche Bank and Postbank brands.
Last year, the bank closed 125 branches and has indicated that further closures are anticipated. However, Sewing did not specify the number of additional branches that would shut down in 2025.
He also mentioned that the bank has accounted for the restructuring costs associated with the job cuts.