German banking major Deutsche Bank is reportedly planning to cut approximately 6,000 jobs at its retail banking unit by the end of 2022.
The final redundancies are expected to lower as the lender needs to settle the issue with labour representatives, media reports suggest.
The bank aims to abolish more than 1,000 positions every year through voluntary departures and natural attrition.
Earlier, Deutsche Bank CEO John Cryan outlined plans to save €900m in operational costs from the retail unit per annum following completion of the merger of the lender’s old retail unit with subsidiary Postbank.
The latest proposal to cut jobs at the retail banking unit is in addition to target set by Cryan in late 2015 to slash 9,000 positions across the group by the end of 2020.
In February, the bank started cutting at least 250 investment banking jobs in an attempt to address its growing expenses.
At the end of the 2017, the bank had a workforce of 41,349 staff, almost 1,700 more than its earlier year’s staff strength.