| 7 December 2023, Thursday |

Deutsche Bank plans to cut jobs, shrink board

To save expenses, Deutsche Bank aims to shrink its executive board from ten to nine members and remove certain employees in infrastructure and private banking, a person close to the bank told Reuters on Thursday.

The country’s largest bank, which is scheduled to release first-quarter earnings on April 27, declined to comment on the proposals.

According to the source, the cost-cutting measures would have no impact on preparations to replace deputy CEO Karl von Rohr, who the bank said on Tuesday will not renew his tenure as a board member after October.

Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts.

The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs. Compared to other European banks, Deutsche has high costs in relation to income.

Bloomberg first reported on the board shake-up.

  • Reuters