Deutsche Bank AG plans to cut about 800 senior back-office staff as part of the German lender’s goal to make a further 500 million euros ($552 million) of cost savings.
(Bloomberg) — Deutsche Bank AG plans to cut about 800 senior back-office staff as part of the German lender’s goal to make a further 500 million euros ($552 million) of cost savings.
Chief Executive Officer Christian Sewing said that the bank is cutting about 5% of senior non-client facing staff after increasing its cost-cut target to 2.5 billion euros. He spoke on a call with reporters alongside first-quarter results.
Sewing is increasingly leaning on the firm’s corporate and private bank to drive growth as a trading boom of the past years peters out and Europe emerges from its experiment with negative interest rates. While he’s cutting back-office staff, Sewing is also announcing selective hiring in the corporate bank, investment bank and wealth management.
Chief Financial Officer James von Moltke said earlier on Thursday that the bank sees opportunities to boost its wealth management business from the fallout of the Credit Suisse Group AG crisis.
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