Deutsche Bank is currently formulating strategies to reduce its 17,000 German retail workforce by 10% in the coming years as a means to achieve cost savings.

Reuters reported that the strategies being developed at Germany's largest bank coincide with the imminent appointment of Claudio de Sanctis, who is set to assume control of the retail unit, specifically referred to as the private bank division, on July 1.

While Deutsche Bank refrained from commenting on potential reductions in retail jobs, the bank has publicly acknowledged its focus on identifying additional cost savings and has expressed its intention to trim jobs in specific sectors as a means to sustain profit growth.

According to the same report, the proposed reduction of retail jobs is currently in the planning phase and is subject to discussions with unions and worker representatives. The source also mentioned that the bank intends to increase staffing in certain areas while simultaneously reducing it in others.

No specific timeline has been provided for the implementation of the aforementioned measures. Over the past five years, Deutsche Bank, which also operates as Postbank in Germany, has shut down over 300 retail branches, resulting in the current count of approximately 1,000 branches.