BERLINO (Reuters) – Deutsche Bank (ETR:) has plans to reduce the board of directors to nine members from ten and to cut some jobs in infrastructure and private banking businesses to save costs.
A source close to the bank told Reuters.
No comment on plans from Germany’s largest bank, which will present its first-quarter results on April 27.
The source said the cost-cutting measures would not affect plans to replace deputy CEO Karl von Rohr, who – the bank announced on Tuesday – will not renew his contract as a board member after October.
CEO Christian Sewing said in February he couldn’t rule out job cuts.
Deutsche Bank completed the transformation phase in late 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs. Compared to other European banks, Deutsche has high costs to revenues.
Bloomberg was the first to report on the possible board reorganization.
(Translated by Enrico Sciacovelli, editing by Sabina Suzzi)