DB - Deutsche Bank to cut jobs and reduce its board size as part of cost cutting measure - report
2023-04-20 05:39:41 ET
To minimise costs, Deutsche Bank ( NYSE: DB ) aims to shrink its executive board to nine members from ten, as well as remove certain employees in infrastructure and private banking, a person close to the bank told Reuters on Thursday.
The cost-cutting measures, according to the source, will 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.
The bank declined to comment on the plans.
In February, Deutsche CEO Christian Sewing clearly stated that job losses could not be ruled out.
In comparison to other European banks, Deutsche has a high cost-to-income ratio.
The German bank is all set to release its first-quarter earnings results on April 27.
Bloomberg was the first to report on the board reshuffle.
DB shares were marginally down in Thursday's premarket hours.
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Deutsche Bank to cut jobs and reduce its board size as part of cost cutting measure - report