Deutsche Bank to Slash 2,000 jobs – DW – 03/20/2025 | EUROtoday

Germany’s largest financial institution, Deutsche Bank, plans to chop round 2,000 jobs in its retail banking division this yr, the group’s chief govt, Christian Sewing, mentioned at a convention in London on Wednesday.

The transfer to downsize comes amid falling income and is a part of the financial institution’s broader technique to scale back prices. The financial institution additionally plans to shut a number of of its branches.

“Where we have to turn around the ship from a profitability point of view is clearly in the retail personal bank in Germany,” Sewing mentioned.

“We will take out almost another 2,000 people in the personal bank this year,” Sewing added, referring to Deutsche Bank and its subsidiary Postbank.

Deutsche Bank already lowered its workforce by shedding 3,500 assist workers final yr in an effort to chop prices.

Sewing mentioned the most recent cuts are “already provisioned in terms of restructuring costs” within the firm’s 2024 books “but are executed now.”

The financial institution employs 90,000 folks worldwide.

Deutsche Bank to trim department community

A spokesperson for the financial institution confirmed that the choice to close down branches was a part of an earlier introduced technique. He added that no new financial savings packages are being launched.

In September, Deutsche Bank introduced the closure of fifty of its 400 native branches this yr and over 200 branches in Postbank.

The financial institution has progressively been incorporating digital banking providers and intends to extend video and cellphone consultations for personal prospects.

The financial institution expects the restructuring measures to enhance its return on fairness, concentrating on a determine of over 10% by 2025, up from 4.7% final yr.

The financial institution’s efficiency in 2024 remained under expectations, with a pre-tax revenue of €5.3 billion ($5.8 billion) — 7% decrease than the earlier yr.

Edited by: Louis Oelofse