Deutsche Bank is working on an agreement with labor representatives that would pave the way for the bank to eliminate about 1,000 jobs in its home market - part of CEO John Cryan’s cost cuts announced last year.  The planned job cuts, which need to be signed off by the works council, will mostly affect back-office staff, such as IT services.  In June, DB struck a similar agreement to eliminate about 3,000 full-time positions, including 2,500 jobs at its private and commercial clients business.

Deutsche Bank has 2 challenges - to increase its capital ratio, and to change its business model and improve profitability.  The job cuts would represent a small step toward resolving the latter challenge.