Deutsche Bank plans to cut jobs and reduce board – media

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Germany’s Deutsche Bank plans to reduce its board to nine members from 10, as well as cut some jobs in its infrastructure and private banking businesses to save costs.

Reuters writes about this with reference to a source close to the bank.

Germany’s biggest bank, which is due to report first-quarter results on April 27, declined to comment on the plans.

The agency’s source said the cost-cutting measures would not affect plans to replace deputy chief executive Carl von Rohr, who the bank said on Tuesday would not renew his contract as a board member beyond October.

Deutsche Bank Chief Executive Christian Zewing 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 compared to other European banks, Deutsche has a high cost-to-income ratio.

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