Deutsche Bank CEO foresees new round of layoffs

Deutsche Bank AG to start another round of job cuts, as CEO Christian Sewing redoubles efforts to reduce expenses and increase profitability.

The new measures are expected to surpass a previous round of layoffs announced six months ago, when Sewing reported that 800 management positions would be eliminated, as the executive declared to analysts on Wednesday.

Citi fires two thousand workers: it spent US$650 million on severance pay in 2023

The German bank’s workforce has increased by more than 4,000 people this yeardespite the April announcement.

Deutsche Bank’s objectives

Sewing said he expects payroll to decline from now on as he tries to make good on his promise to reduce expenses below 62.5% of revenue by 2025.

High inflation, including wage increases, as well as a host of idiosyncratic issues, from costs to resolve customer service issues to cost overruns on an IT project, have made that goal more difficult to achieve.

The cuts announced in April have since been implemented and will result in more than €100 million in annual savings, Sewing said on the call. He indicated the bank also intends to cut spending on consultants and marketing as a way to save costs.

Translated by Paulina Munita.

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