Germany's Postbank and trade union leaders have reached a wage deal after almost three months of talks and repeated strikes, the company and unions announced on Thursday. In the fifth round of negotiations on Wednesday,

Deutsche Bank's management has reached a pay deal with unions for thousands of workers at its Postbank division, putting an end to months of wrangling, both parties said on Thursday. The bank will pay employees 11.

Deutsche Bank AG has agreed to increase salaries by 12.5% for a large swathe of its German staff, adding to cost pressures for Chief Executive Officer Christian Sewing.