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Deutsche Bank plans to cut 10% of 17,000 German retail jobs – source


FRANKFURT (Reuters) – Deutsche Bank is mapping out cutting 10% of its 17,000 German retail jobs over the next few years, a person with knowledge of the matter said on Thursday.

The plans come as Claudio de Sanctis prepares to take over the division on July 1, months earlier than originally planned.

The reduction is in the planning phase and still subject to discussions with unions and worker representatives, the person said, adding that the bank will grow staff in some areas while trimming others.

The bank declined to comment.

Manager Magazin first reported the plans.

(Reporting by Tom Sims; editing by Matthias Williams, Madeline Chambers)

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