Sal Oppenheim, the Cologne-based private bank which is part of Deutsche Bank, has confirmed that its organisational restructure focusing on wealth management, which it announced in November last year, is now in progress and brings with it a number of job cuts.

The agreement to balance interests signed by both sides forms the basis for job cuts, which will remove duplication between Sal Oppenheim and Deutsche Bank organisational areas. The agreement provides for a maximum of around 330 jobs to be cut (excluding transfers within the Deutsche Bank Group or other service companies), the firm said. 

Discussions on discontinuing employment relationships will be conducted within the framework of the social compensation plan in the coming months. The firm said that its aim is to “avoid enforced redundancies”. Settlement, IT and infrastructure areas will be most affected, followed by the operational business areas. The agreed job cuts should be completed by the end of 2014. The core of the restructuring measures is scheduled for 2014, the firm said.

Sal Oppenheim's structural changes will be carried out on a regional basis and will focus on central locations in each region. Clients in the north of Germany will be supported by the firm’s office in Hamburg. The branches in Munich and Baden-Baden will look after clients in southern Germany, while clients in Berlin and eastern Germany will be supported from the capital. In the focal regions of western Germany – North Rhine-Westphalia, Rhineland-Palatinate and Hesse – Sal Oppenheim will continue to support its clients from branch offices in DĂĽsseldorf and Frankfurt, and its head office in Cologne. The branches in Bielefeld, Hannover, Bremen and Stuttgart will be closed, with clients served from Hamburg, DĂĽsseldorf, Baden-Baden and Cologne.  

In the family office area, Sal Oppenheim and Deutsche Bank have combined their forces. At the beginning of May 2013, they joined their companies Oppenheim Vermögenstreuhand and Wilhelm von Finck Deutsche Family Office under the name Deutsche Oppenheim Family Office.