Deutsche Bank to cut most German jobs in private client ops: Handelsblatt

[FRANKFURT] Deutsche Bank's private clients business is to shoulder the lion's share of planned job cuts in Germany, daily Handelsblatt reported on Wednesday, citing a memo to the lender's works council.

Deutsche Bank said last month it would slash 15,000 jobs and shed businesses employing some 20,000 staff. Around 4,000 cuts, net of new hires, are to be in its German home market.

According to Handelsblatt, the Private & Business Clients division is to see more than 3,200 jobs, or about a quarter of staff, go on a gross basis.

It cited financial sources as saying most of the workers who are to lose their jobs work in the bank's retail branches.

REUTERS