Postbank to Eliminate Approximately 1000 Positions
The German banking giant is planning a massive restructuring at its subsidiary, with the Postbank branch network set for a significant downsize. Approximately 1000 jobs will be axed, adding to a larger workforce reduction at the company level.
The layoffs amounting to about 1000 jobs come as Deutsche Bank's subsidiary Postbank shuts down some of its branches, as reported by "Handelsblatt". This after management and the works council reached a compromise during an early June interest reconciliation.
Germany's top bank had previously declared its intention to shift focus towards online banking at Postbank, while minimizing the number of 550 branches. The union Verdi announced that agreements had been reached to secure over 320 Postbank branches.
A German Bank spokesperson confirmed that the eliminated jobs were previously accounted for in the publicly released personnel plan. The spokesperson refrained from commenting on the reported estimate of around 1000 eliminated jobs.
A total of 3500 jobs to be let go group-wide
A few months back, the German Bank announced the elimination of around 3500 jobs across the group. According to a statement from early May, an exemption for job terminations due to operational reasons for Postbank employees was agreed upon until the end of December 2027.
The German Bank spokesperson added that no job cuts were on the horizon for Postbank's customer advisors. All customer advisors would keep their positions, whether at other branches or at one of the eleven regional advisory centers that will be established for video and phone-based advisory services.
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The job cuts at Deutsche Bank's subsidiary Postbank include approximately 1000 positions, contributing to the larger workforce reduction within the company. This downsizing comes as part of Deutsche Bank's shift towards online banking and the closure of some branches.
Furthermore, the planned job eliminations at Deutsche Bank amount to a total of 3500 positions across the group, with an exemption for Postbank employees until the end of December 2027 for operational reasons.
