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Deutsche Bank Job Cuts and Shrinking Executive Board

Deutsche Bank (ETR: DBKGn) plans to downsize its executive board from 10 to nine members and implement job cuts in infrastructure and private banking sectors. A source close to the bank revealed this information to Reuters on Thursday.

Deutsche Bank logo
Deutsche Bank logo

No Comment on Job Cuts Before First-Quarter Results

The largest bank in Germany, Deutsche Bank, is set to present its first-quarter results on April 27. However, the bank has not commented on these cost-saving plans.

Deputy CEO Replacement Unaffected by Cost-Cutting Measures

The source also stated that the cost-cutting measures would not impact the plans to replace deputy chief executive Karl von Rohr, whose contract as a board member is not being renewed after October.

CEO Christian Sewing Addresses Possibility of Job Cuts

Deutsche Bank's Chief Executive Christian Sewing mentioned that he could not rule out job cuts in February.

Cost Reduction Still Necessary Despite Transformation Phase

Although Deutsche Bank completed its transformation phase by the end of 2022 and improved its cost-to-income ratio, Sewing still needs to reduce costs further.