Deutsche Bank and unions reach pay agreement for Postbank employees

FRANKFURT, July 2 - Deutsche Bank said on Thursday that it had reached an agreement with labour unions for a pay increase for thousands of employees at its Postbank division.

• The bank, Germany's largest lender, said pay will rise 175 euros ($199.50) a month from July 2026 and a further 2.9% from July 2027.

• The deal covers 28 months and affects 7,500 employees, Deutsche Bank said.

• The Verdi trade union had demanded an 8% increase, or at least 300 euros more a month.

• It follows several rounds of discussions and an increase in inflation in the wake of the war in Iran.

($1 = 0.8772 euros)

(Reporting by Tom Sims, Editing by Friederike Heine)