Deutsche Bank is said to be planning to cut costs by reducing the number of members on its executive board from ten to nine and eliminating jobs in its private banking business and infrastructure. A source familiar with the matter disclosed the plan to Reuters, but Deutsche Bank declined to comment. The bank is scheduled to announce its Q1 results on April 27. The source revealed that these cost-cutting measures will not affect the bank's plans to replace deputy CEO Karl von Rohr, who had earlier announced that he would not renew his contract as a board member after October. CEO Christian Sewing had earlier suggested that job cuts might be necessary for February as the bank aims to further reduce costs. Bloomberg was the first to report on the planned board shake-up.
© Copyright 2023. All Rights Reserved Powered by Vygr Media.
