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1,100 back-office jobs go at Deutsche Bank as it expands retail operation

Deutsche Bank is planning to cut 1,100 back-office jobs whilst...

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Deutsche Bank is planning to cut 1,100 back-office jobs whilst at the same time expanding its branch network in Germany, Italy and Poland.

The bank is seeking to reduce its investment banking operation in the face of the credit crunch and instead generate greater profits from retail banking.

The bank plans to open 400 branches and create 2,500 advisory positions in Germany, Italy and Poland by 2012.

Deutsche Bank expects the number of its retail banking clients to rise to 18 million from the current 14.1 million by 2012.

"With this programme, we are creating the basis for sustainable and profitable growth," said Rainer Neske, head of Deutsche Bank's retail banking business.

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