FRANKFURT (Reuters) – Deutsche Bank’s reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead.
Germany’s largest bank is drawing up plans to cut 10% of its 17,000 domestic retail jobs over the next few years as part of cost saving measures, Reuters and other media have reported.
“One can only shake one’s head at Deutsche Bank, once again,” Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1.
Such cuts, if confirmed, would “clip the wings of the bird” at a moment when Deutsche Bank’s retail business is rebounding and its investment bank is weakening, said Szukalski, who is also a member of Deutsche Bank’s supervisory board.
Deutsche Bank declined to comment on any job cut plans or the union reaction to reports of them.
The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, Reuters has reported.
Deutsche Bank has in the past announced job cuts that never materialized. In 2019, it said it would cut 18,000 jobs as part of a major restructuring, but in the end it did not cut that many as business picked up again.
The Verdi labour union, which also represents bankers, has said it would not comment on “speculation” of job cuts, but has noted that the bank was bound by laws that protect workers.
Szukalski said in an emailed statement that it was not difficult for bank employees to find jobs elsewhere, either internally or externally.
(Reporting by Tom Sims, Editing by Friederike Heine and Alexander Smith)
