June 28, 2019 / 9:30 AM / 19 days ago

Deutsche Bank completes talks to cut 750 jobs in Postbank integration: memo

The financial district with the headquarters of Germany's largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt, Germany, January 29, 2019. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has completed talks about cutting 750 jobs at the joint headquarters of its private and corporate clients businesses as part of the integration of retail lender Postbank, it said in a memo to staff on Friday.

“This reduction is unfortunately unavoidable if we want to avoid double functions and position our organisation in such a way that we can achieve our goals,” retail head Frank Strauss said in the memo seen by Reuters.

Separately, Deutsche Bank remains in talks over slashing another 1,200 jobs in the area of operations, which includes account services and credit settlement, a person close to the matter said.

Deutsche Bank declined to comment.

The lender is in the process of integrating Postbank, the retail banking business once owned by Germany’s postal service, with its own retail banking operations to save costs.

The new business will have 20 million customers with about 325 billion euros ($370.01 billion) in deposits.

($1 = 0.8783 euros)

Reporting by Arno Schuetze

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