Deutsche Bank is drawing up plans to cut 10 per cent of its 17,000 German retail jobs over the next few years as part of cost savings, a person with knowledge of the matter said on Thursday (Jun 22).

The plans at Germany’s largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1.

Deutsche Bank, which declined to comment on any cuts to retail jobs, has publicly said that it is identifying further cost savings and would be trimming jobs in certain areas to keep profits growing.

The reduction in retail jobs is in the planning phase and still subject to discussions with unions and worker representatives, the person said, adding that the bank will add staff in some areas while cutting in others.

There was no specific timeframe for the move.

Deutsche, which in Germany also operates under the Postbank brand, has closed more than 300 retail branches in Germany over the past five years to around 1,000 currently.

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The bank has been expected to continue to cut branches to curb expenses, Reuters has previously reported.

S&P last month upgraded its outlook for the bank and said that the retail division has “considerable scope” to cut costs. reuters