April 27, 2023

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Deutsche Bank AG, one of Germany’s largest banks, is set to cut approximately 800 senior back-office staff as part of its effort to reduce costs. The bank aims to achieve a further cost savings of 500 million euros ($552 million). Chief Executive Officer Christian Sewing confirmed that the bank is planning to cut about 5% of senior non-client facing staff. He disclosed the decision during a conference call with reporters alongside the bank’s first-quarter results.

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Cost-Cutting Targets Increased

The decision to cut staff comes after Deutsche Bank AG increased its cost-cut target to 2.5 billion euros. The bank has been seeking ways to boost growth as Europe emerges from its experiment with negative interest rates. The bank is focusing on its corporate and private bank to drive growth as a trading boom of the past years peters out. While Sewing is cutting back-office staff, he is also announcing selective hiring in the corporate bank, investment bank, and wealth management.

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Selective Hiring in Corporate Bank and Wealth Management

In an effort to boost its wealth management business, Deutsche Bank AG is seeing opportunities arising from the Credit Suisse Group AG crisis. The bank will selectively hire in the corporate bank, investment bank, and wealth management. The bank’s Chief Financial Officer James von Moltke has emphasized the importance of the bank's wealth management business in driving growth.

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Members of LevelFields received the alert of this event on April 27, 5:20 AM ET

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