December 20, 2017 / 9:15 PM / a year ago

Deutsche Bank to cut up to 1,000 jobs in Postbank integration

The head quarters of Germany's largest business bank, Deutsche Bank, is photographed in Frankfurt, Germany, December 6, 2017. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) aims to cut up to 1,000 jobs as part of the planned integration of retail arm Postbank, a spokeswoman for the lender said on Wednesday, confirming an earlier report in German business daily Handelsblatt.

The reductions will form part of a voluntary programme that bank employees were told about earlier this week, the spokeswoman said.

Up to 250 jobs could be affected at Deutsche Bank and up to 750 at the Postbank unit, Handelsblatt said earlier, adding the bank hoped about two thirds of the reductions could be achieved through early retirement and the rest through severance pay.

Employees have until October 2018 to decide whether to accept the terms.

Postbank is being integrated with Deutsche Bank’s in-house consumer bank after Germany’s biggest lender unsuccessfully tried to sell the business.

The integration will cost about 1.9 billion euros ($2.26 billion) and result in annual savings of about 900 million euros a year from 2022.

($1 = 0.8421 euros)

Reporting by Andreas Framke; Writing by Christoph Steitz; Editing by David Evans and Adrian Croft

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