Deutsche Bank has slashed spending on external consultants by 70 per cent in its private bank as the division works to become more profitable after a badly botched IT project last year.
Under the private bank’s new head Claudio de Sanctis, who replaced Karl von Rohr a year ago, the division has drastically cut back on external advisers, ending projects that involved Boston Consulting Group (BCG) and other professional services firms, according to people familiar with the details. The people added that the unit had reduced its spending on consultants by a double-digit million euro amount.
“Working with external consultants can be seen as an easy way out,” de Sanctis told the Financial Times: “If you have a problem, call a consultant who will fix it for you.”