Deutsche Bank closes 200 branches

Deutsche Bank never said how many of the 18,000 jobs lost will be in Germany. A new number sheds some light on the darkness.

This branch of Deutsche Bank will also be closed.

Dhe Deutsche Bank concluded a reconciliation of interests with its employees in the branch business in Germany on Monday and disclosed for the first time how many full-time positions will be lost due to the closure of branches: 1190 jobs will be lost if, as planned, 97 of the current 497 German employees by the end of 2021 Bank branches and 50 of the 800 Postbank branches will be closed every year by the end of 2022. This is intended to fully utilize an agreement with Deutsche Post, which regulates the maximum number of branch closings possible each year. “Of course we will take the necessary measures as fair and socially acceptable as possible,” wrote Lars Stoy, who heads the Postbank brand’s private customer business, on Linked-In on Monday.

Deutsche Bank is responding to changes in customer behavior with branch closings and job cuts: More and more people are doing their banking online or by phone. In the medium term, however, Deutsche Bank customers should be able to use the larger Postbank branch network better and more cheaply.

Less than 20,000 store employees

The number of full-time positions that will be lost in the domestic branch business is not easy to classify. Because Deutsche Bank only publishes the number of full-time jobs in branch business, including international business and wealth management. At the end of last year there were still almost 30,000 jobs here.

According to information from the FAZ, fewer than 20,000 people are employed in the domestic branch business for “simple private customers”. Perhaps every tenth to every sixteenth job is affected by the downsizing. In addition, there are around 10,000 employees in the Deutsche Bank Group in central areas at home and abroad, where a reduction of 350 jobs was agreed in December. In addition, 1,500 IT employees from the Postbank division will switch to TCS this summer.

This means that the percentage of job cuts at Deutsche Bank is far lower than at Commerzbank, for example, which is cutting 9,000 and thus every third job in Germany. This may be due to the fact that Deutsche Bank, unlike Commerzbank, has continuously streamlined its branch network in recent years. It also started the restructuring earlier: In July 2019, Deutsche Bank decided to cut 18,000 jobs and thus one in five in the world: however, the Board of Management has never disclosed how many of them are in Germany.