German banking group Deutsche Bank plans to cut “nearly 2,000 jobs” this year in its retail banking division due to insufficient profitability, its CEO announced on Wednesday.
The job cuts will affect both Deutsche Bank and its subsidiary Postbank, CEO Christian Sewing said at a conference in London.
These measures had already been accounted for as “restructuring charges” in the 2024 financial statements but are now being implemented, Sewing added.
The bank, which has nearly 90,000 employees worldwide, also released 3,500 support staff last year as part of efforts to reduce overall costs.
“We clearly need to improve profitability in our retail banking in Germany,” Sewing emphasised. He said the investment and corporate banking sectors, along with asset management, contribute the majority of profits.
The bank, known for its blue logo, will close around 50 local branches this year, as announced in September, leaving it with about 400.
Postbank’s current 550 branches are expected to be reduced to about 300 by mid-2026.
Additionally, the bank will part with certain employees who were retained longer than anticipated to handle complexities related to integrating Postbank’s 12 million accounts into Deutsche Bank in 2023 and 2024.
