Deutsche Bank Plans to Close Consumer-Banking Unit and Cut Twenty Five Percent Staff

Deutsche Bank Plans to Close Consumer-Banking Unit and Cut Twenty Five Percent S

Along with trimming some jobs, Deutsche Bank is also considering selling a consumer-banking unit. Almost eight thousand job cuts are on the card and that would shrink the workforce by approximately twenty five percent.

In all possibilities, the new job cuts would mainly be directed towards administrative and technology posts. However, some jobs that require facing the client might also be on the line to be eliminated said a person who is aware of the matter.

The person said that, a plan to divest Deutsche Postbank, which is Bonn-based and has almost 15,000 employees, is also included in the strategy. But for that the final decision is expected to be taken in the coming month according to the source.

As on 30 June, Deutsche Bank, running the largest investment bank in Europe employed 98,647 people.

In July, John Cryan, the Co-Chief Executive Officer, replaced Anshu Jain and now he wants to show how serious is he about cost cutting and taking the bank ahead to profitability.

On the very first day at his job, he vowed to sell the Postbank unit as was sketched out in April along with tackling "swollen" cost base and "antiquated and inadequate" technology of the company.

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