FRANKFURT (March 20): Deutsche Bank will cut the headcount of its retail bank by almost 2,000 people in 2025 with a "significant" reduction in the number of branches, chief executive officer Christian Sewing said on Wednesday.

The job reduction figure is a new disclosure from Germany's largest bank and comes as the lender aims to meet a series of ambitious financial targets by the end of the year.

"We will reduce again branches like we had planned this year in quite a significant number," Sewing said at a financial conference organised by Morgan Stanley, adding the cuts would come at both the Deutsche Bank and Postbank brands.

Deutsche Bank closed 125 branches last year and indicated more closures were on the way. Sewing and the bank did not say how many more branches would close in 2025.

Sewing said the bank had already factored in the restructuring costs for the jobs.

Uploaded by Siow Chen Ming