Deutsche Bank Weighs Cutting Executive Board, Cut Jobs In Cost Drive

Deutsche Bank AG DB plans to cut jobs in infrastructure and its private banking business to save costs. However, the measures would not affect plans to replace deputy chief executive Karl von Rohr, who would not renew his contract as a board member after October.

• Von Rohr joined Deutsche Bank in 1997. In April 2018, he became president, later taking over responsibility for the Private Bank and Deutsche Bank’s Asset Management in July 2019.
• Deutsche CEO Christian Sewing said in February that he could not rule out job cuts, Reuters reported. The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio.
• Compared to other European banks, Deutsche has high costs in relation to income.
• The company also announced a board shakeup with nine members down from 10.
• Deutsche Bank is considering shrinking its executive board in an effort to reduce expenses.
• The bank might use the departure of President Karl von Rohr as an opportunity to reshuffle some responsibilities of its top management body and reduce the number of members, Bloomberg reported citing people familiar with the matter.
• Deutsche Bank may decide on the management board reduction next week and could discuss some details of the savings plan when it reports earnings on April 27.
• Price Action: DB shares closed at $10.97 on Wednesday.

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