German lender Deutsche Bank has reached an agreement with its employee representatives to eliminate an additional 1,000 jobs in its home market.
The move adds to the 3,000 job cuts announced in June this year. This brings the total number of role reductions in Germany to around 4,000.
These job cuts are part of 9,000 jobs being slashed globally to make the group more competitive as part of Strategy 2020.
Karl von Rohr, member of Deutsche Bank’s Management Board with responsibility for the bank’s labour relations in Germany, said: “We consistently implement our strategy to make the bank more efficient. We are fully aware that today’s decision is a difficult change with significant personal impact for many employees. We will ensure that any staff reductions are carried out in a socially responsible manner.”
Almost half of the latest job cuts will hit the company's chief operating office, an infrastructure function.
The remaining job reductions will be spread across the Human Resources (HR) Department, Communications & Corporate Social Responsibility (Communications & CSR), Deutsche Asset Management (Deutsche AM), Global Markets and Corporate Finance and DB Research, the macroeconomic research unit, the bank said in its statement.