Deutsche Bank has fired 111 senior managers in its retail and private wealth unit as the division implements deep cost cuts to meet stretching 2025 targets.
The Frankfurt-based bank is seeking to reduce the unit’s cost-to-income ratio from 80 per cent this time last year, to between 60 and 65 per cent next year. Over the first nine months of 2024, it stood at 77 per cent.
Claudio de Sanctis, who took charge of the unit in the middle of 2023, said that meeting the cost-income target would require more work “but I am firmly committed to it”.
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