- Reorganization of Private & Commercial Clients division
- Rise in client satisfaction despite challenges
- Further development of quality assurance for our products
For the Wealth Management and Private & Business Clients divisions, 2016 was a year of radical change. At the start of the year, the two divisions were merged to form a new corporate division called Private, Wealth & Commercial Clients (PW&CC), in order to ensure consistency in our client coverage.
This reorganization was accompanied by extensive changes. Our aim is to bring the entire range of services provided by the bank under one roof—from services for private and business clients to private banking, wealth management, and support for small and medium-sized enterprises (SMEs).
In Germany, in the interest of lean, efficient management, PW&CC was rearranged into seven regions at the start of 2016 (as opposed to the previous 16). Complexity was reduced—in the division’s organization, management, and processes—and local responsibility was increased. At the same time, the preconditions for a modified presence nationwide were created: In response to changes in the behavior of clients, who are increasingly expecting their day-to-day banking services to be provided in digital form and outside established business hours, the number of German branches will be reduced from 723 to 535 by the end of 2017 through a process of consolidation and closures. Outside Germany, PCC International closed a total of 70 branches during 2016.
Meanwhile, a number of regional Beratungscenter (Advisory Centers) are being established in Germany to provide access outside the usual business hours. PW&CC also invested in the expansion of our digital offering to meet clients’ needs and expectations. To implement this by the year 2020, this division alone will invest around €750 million in modern banking, in optimizing internal processes and in enhancing our employees’ digital expertise.
Over the course of this reorganization, the number of jobs at PCC Deutschland has also been reduced by around 3,000. To achieve this, a reconciliation of interests was concluded by mutual agreement with the employees’ representatives. The staffing procedures set out in this agreement were completed in November 2016. To ensure that , we use a variety of personnel instruments designed first and foremost to secure suitable positions within the bank for those employees who are affected. These instruments include support from the FitnessCenter Job, vocational qualifications and a possible switch to temporary jobs (internally known as Bankforce), as well as opportunities for partial retirement, early retirement, and severance pay through the Abfindung52plus program.
The year 2016 has not changed our conviction that loyal, satisfied clients are crucial to our long-term success.