Deutsche Bank to cut up to 1,000 jobs in Postbank integration

FRANKFURT: Deutsche Bank aims to cut up to 1,000 jobs as part of the planned integration of retail arm Postbank, a spokeswoman for the lender said, confirming an earlier story in German business daily Handelsblatt.

Up to 250 jobs could be affected at Deutsche Bank and up to 750 at the Postbank unit, the paper said, adding the bank hoped about two-thirds of the reductions could be achieved via early retirement and the rest through severance pay.

Employees have until October 2018 to decide, the paper said.

Postbank is currently being integrated into Deutsche Bank after Germany's biggest lender unsuccessfully tried to sell the business.