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Germany's biggest retail bank, Postbank, will shed 450 of the 800 workers in a back-office business that it bought earlier this month, the company said on Sunday.
Postbank had said from the outset that it was set to axe jobs at the business, DB Pay, said a spokesman.
"The workers were prepared for a big reduction in the number of jobs," he said following an initial report in German magazine Focus to appear on Monday that it would sack employees.
Postbank, which recently made its debut on the German stock market, has about 9,000 workers.

Copyright Reuters, 2004

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