Branch closures cost jobs
Postbank is likely to cut around 1,000 jobs
20.06.2024, 18:29
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Deutsche Bank has been planning a major restructuring of its subsidiary for a long time. Postbank’s branch network is to be significantly reduced, with around 1,000 jobs being eliminated. Even more jobs are to be cut across the group.
According to a newspaper report, the planned closure of branches of Deutsche Bank subsidiary Postbank will result in around 1,000 jobs being lost. The Handelsblatt, citing insiders, reports that management and the works council agreed on this in a compromise reached at the beginning of June.
Germany’s banking leader had announced that it would focus more on online banking at Postbank and thin out the network of 550 branches. The Verdi union had announced that location guarantees had been agreed for over 320 Postbank branches.
A Deutsche Bank spokesman said in response to the newspaper report that the jobs that would ultimately be eliminated were included in the personnel planning that had already been announced. “All measures have already been taken into account in our financial planning and will help us to achieve our cost targets.” He did not comment on the number of around 1,000 jobs that would be eliminated.
3,500 jobs will be lost across the Group
A few months ago, Deutsche Bank announced the elimination of a total of around 3,500 jobs in the group. In the Verdi announcement at the beginning of May, it was stated that an agreement had been reached to exclude redundancies for operational reasons for Postbank employees until the end of December 2027.
As the Deutsche Bank spokesman further explained, the subsidiary is not planning to cut jobs in customer service. All customer advisors will remain employed. This could be in other branches or in one of the eleven regional advisory centers. These are to be set up to provide advice via video and telephone.