Germany’s leading banking and financial services company, Deutsche Bank AG, reportedly plans to slash several thousand jobs amid restructuring aimed at saving the business billions of euros. German-language Suddeutsche Zeitung daily reported on Friday that the program would primarily focus on reducing headcounts at finance, risk, personnel, book keeping, economic analysis and legal departments. The report added that 543 jobs at the headquarters of both Deutsche Bank in Frankfurt and its subsidiary, Postbank, in Bonn could be the first to be affected. Eighty percent of the blacklisted positions are thought to be planned for Postbank. However, branch employees would not be influenced in the initial stage.
Job cuts have been described as part of a move to unify the company's private banking sector subsidiaries under one name, the PBC Banking Service.The Suddeutsche Zeitung also said the works council has already been briefed about the changes, and has received a framework outlining a social plan. Meanwhile, a spokesman from Deutsche Bank told the Suddeutsche Zeitung that no job cuts are planned. “Together with the Postbank we have been in constructive discussions for the past year and a half with the works council about future personnel developments,” he said. The spokesman noted that nothing concrete has been decided yet. MP/JR