FRANKFURT/BONN (dpa-AFX) - The wage dispute at Postbank has been resolved after almost three months. In the fifth round, unions and employers agreed early Wednesday morning on salary increases in two stages as well as an extension of protection against dismissal until the end of 2027. This was announced by Verdi and the Deutsche Bank Employees' Association (DBV) as well as Deutsche Bank on Thursday. Customers can therefore breathe a sigh of relief: both trade unions have held ballots on indefinite strikes at Postbank. Warning strikes had repeatedly led to restrictions in service in the collective bargaining round that has been ongoing since February 6.

According to the unions, the approximately 12,000 employees in the Deutsche Bank Group will receive 7.0 percent more pay, but at least 270 euros, from June 1, 2024 under a Postbank collective agreement. From July 1, 2025, collectively agreed salaries will increase by a further 4.5 percent. Employees can decide each year whether to take an additional four weeks' vacation per year in return for a corresponding reduction in pay. The collective agreement runs until March 31, 2026. A Deutsche Bank spokesperson said: "This agreement has already been taken into account in our financial planning and will not change our cost targets for this year and next."

Job security until the end of 2027

Deutsche Bank made concessions to the trade unions on one key demand: The protection against dismissal, which was originally limited until the end of January 2024, will now be extended until December 31, 2027. This means that the bank has ruled out compulsory redundancies for employees in its Private Clients division in Germany until then. Long-term job security was very important to the trade unions due to the planned branch closures.

Deutsche Bank had announced in the fall that it intended to close up to 250 of the 550 Postbank branches by mid-2026, including staff cuts. According to Verdi, a location guarantee has now been agreed for around 320 Postbank branches, as well as the establishment of eleven new regional advisory centers to create replacement jobs for employees.

Verdi wanted to achieve a 15.5 percent salary increase for the employees, but at least an increase in monthly salaries of 600 euros. DBV had demanded 14.5 percent more money for the employees of Postbank, Postbank Branch Sales, PCC Services and BCB./ben/DP/jha