DB - Deutsche Bank agrees to 5.2% salary increase at Postbank retail unit

Deutsche Bank (DB -1.9%) has agreed to increase the pay of thousands of workers at its Postbank retail unit in a  labor agreement that acknowledges the impact of inflation on its workers. The union known as ver.di reached a collective bargaining agreement that calls for a 3.1% salary increase for 15,000 Postbank employees at June 1, 2022 and a 2.1% increase, but at least EUR 100, at Feb. 1, 2023. In addition, employees will get a one-time payment of EUR 750 in May 2022 and in January 2023. The agreement comes after inflation in Germany exceeds 5% and after Deutsche Bank (NYSE:DB) boosted CEO Christian Sewing's pay by 20% in 2021 vs. 2020, rewarding him for the company's improved profitability, Reuters reported. A halt on job cuts for operational reasons was extended to Jan. 31, 2024 from the previous date of June 30, 2023. In January, Deutsche Bank (DB) sees

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Deutsche Bank agrees to 5.2% salary increase at Postbank retail unit