Hints and tips:
...Deutsche Bank has discovered thousands of forgotten and unresolved complaints in its German retail operation Postbank, people familiar with the matter told the Financial Times....
...It previously owned Postbank and used the branches to sell stamps and process parcels....
...“IT chaos at Postbank,” thundered Bild, Germany’s largest tabloid....
...The US card scheme has long been a Deutsche partner and will replace Visa as the credit card provider for the lender’s Postbank German retail brand....
Lender said service disruptions over botched migration project were ‘unacceptable’
...Von Moltke said more retail loans would turn sour in the second quarter due to the Postbank woes....
...Over the past decade, Deutsche failed to find a buyer for Postbank and botched an earlier IT integration effort....
...“We are making progress in improving processing times at Postbank,” Deutsche said in a statement....
...But according to Verdi, entry-level wages in a similar division at Postbank start a little above €13 an hour, while domestic rival Commerzbank pays at least €14....
...The better than expected performance offers some relief after a botched IT migration at the bank’s German retail business caused problems for customers of its subsidiary Postbank....
...Von Moltke told journalists in a call that the migration of all client data of Postbank on to Deutsche’s own systems may only be finished by the end of September 2023....
...At the time, the bank had only managed to migrate 4mn Postbank clients who use relatively simple savings products....
...The court case was brought by a consumer rights group against Deutsche Bank’s Postbank retail brand....
...In 2017, Postbank had €3.2bn in revenue, €145bn of assets and 17,400 employees....
...Over the past decade, it acquired Postbank and Sal. Oppenheim, two lenders that ran into existential trouble and that later caused Deutsche a lot of headaches....
...Moreover, Deutsche Bank is still busy integrating Postbank into its own retail operations almost a decade after it acquired its rival — a process that would need to be finished before it was ready for another...
...In recent weeks, a series of temporary and localised walkouts have hit Postbank. In an attempt to avoid a longer walkout across the whole of Postbank, Deutsche last week sweetened its offer....
...Germany’s largest lender has so far spent more than €3bn on the integration of Postbank, which it acquired in several steps between 2008 and 2010....
...The bank’s headcount dropped below 90,000 for the first time since its acquisition of German retail bank Postbank a decade ago. The lender wants to shed another 16,000 jobs by 2022....
...Deutsche is planning to roll out the Deposit Solutions software to the 13m clients of its Postbank brand, its 4m retail clients outside Germany, as well as its small business- and wealth management customers...
...He became the chief executive of Postbank, the retail bank Deutsche acquired from Germany’s postal service, in 2011....
...Nor did Deutsche’s of Postbank, which began that same year. Other tie-ups are possible. Cross-border deals often appeal to managers. They typically involve fewer job losses....
...In retail banking, Deutsche needs to reap benefits from its decade-old acquisition of domestic rival Postbank....
...Deutsche workers’ representatives are also threatening to derail any further integration of Postbank, which is still run separately a decade after being acquired by Deutsche, should the lender decide to...
...the talks were hampered by the prospect of having to convince shareholders to put in up to €10bn of fresh capital into an enlarged Deutsche Bank, its unfinished integration of an earlier acquisition of Postbank...
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