Deutsche Bank Steps Up Retail Job Cuts After Pandemic Delay (2)

Deutsche Bank AG’s retail unit plans to accelerate thousands of job cuts at its German head offices after falling behind schedule during the coronavirus pandemic.

Unit head Manfred Knof wants to reduce headcount at the two main sites in Frankfurt and Bonn by as much as half what it was in the past, according to people familiar with the matter. Negotiations with labor representatives -- a necessary first step before large-scale job reductions can happen -- have recently begun, said one of the people, who like the others asked for anonymity to discuss internal planning.

Manfred Knof

Source: Deutsche Bank AG

Knof has vowed ...