Downsizing in the German banking industry continues

Released on 27. 09. 2021

  • Deutsche Bank is also restructuring the group, including downsizing. Photo: Hauke-Christian Dittrich

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With increasing digitization, many financial institutions continue to thin out their branch networks. The number of employees continues to decline.

Berlin / Frankfurt (dpa) – The downsizing at Germany’s banks continued over the past year – albeit at a slower pace.

552. 450 (Previous year: 561.450) employees counted about 1700 Credit institutions across all banking groups at the end of the year 2020, such as the employers’ association of the private Banking industry (AGV Banken) announced on Monday.

At 1.6 percent, the decrease compared to the previous year was somewhat lower than in the two previous years, when the number of employees was 1.8 or 2.5 percent.

In view of the increasing digitization of the banking business, for example, many financial institutions are thinning out their branch networks. Because the expenditure for IT and regulation has increased in recent years, institutes are also hiring specialists in these areas 1.1 percent of 151. 250 on 151.600 at the end of the year. At Deutsche Bank and Commerzbank, among others, the group is restructuring, including the reduction of thousands of jobs.

For comparison: At weddings in the middle of the 1990 years ago, the banking industry in Germany still employed almost 780. 000 employees, after the financial market crisis of Years 2008/2009 it was still 663. 000.

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