Deutsche Bank has announced the dismissal of over 100 senior bankers as part of its ongoing efforts to reduce costs.
The move, which affects 111 senior managers in the bank’s private wealth and retail banking sectors, is aimed at streamlining operations and improving efficiency.
The cuts primarily target high-ranking employees, including global managing directors and directors, within the bank’s private banking division. This action aligns with Deutsche Bank’s broader strategy to reduce costs and improve profitability. The bank aims to lower the cost-to-income ratio in its private wealth and retail division to between 60% and 65% by 2025, a notable drop from around 80% in 2023 and 77% for the first three quarters of this year.
In addition to staff reductions, Deutsche Bank has emphasized the need for revenue growth across all of its divisions to meet these cost-cutting objectives.
