Deutsche Bank’s (DBKGn.DE) reported plans for possible job cuts at its German retail operations were roundly criticised by a union on Friday, foreshadowing tough labour negotiations ahead.
Germany’s largest bank is drawing up plans to cut 10% of its 17,000 domestic retail jobs over the next few years as part of cost saving measures, Reuters and other media have reported.
“One can only shake one’s head at Deutsche Bank, once again,” Stephan Szukalski, chairman of the DBV bank union, said as Claudio de Sanctis prepares to take over as head of the German retail business on July 1.
Such cuts, if confirmed, would “clip the wings of the bird” at a moment when Deutsche Bank’s retail business is rebounding and its investment bank is weakening, said Szukalski, who is also a member of Deutsche Bank’s supervisory board.
Deutsche Bank declined to comment on any job cut plans or the union reaction to reports of them.