The largest bank in Germany, Deutsche Bank, is reportedly planning to reduce the number of members on its executive board from 10 to nine.
Additionally, the bank is said to be looking to cut some jobs in its infrastructure and private banking businesses in an effort to save costs.
According to Reuters, these measures come before the bank’s first-quarter results, which are due to be presented on April 27.
Deutsche Bank declined to comment on the plans, but a source close to the bank revealed that the cost-cutting measures would not impact plans to replace deputy chief executive Karl von Rohr.
According to the bank, Karl von Rohr will not be renewing his contract after October 2023. This move will bring an end to von Rohr’s lengthy 25-year career at the bank, according to statements made by the bank.
The decision to reduce the executive board’s size and cut jobs in certain areas reflects Deutsche Bank’s ongoing efforts to improve its financial performance.
In recent years, the bank has struggled to maintain profitability amid a challenging economic environment and a series of high-profile legal and regulatory issues.
To address these challenges, the bank has implemented a range of measures, including cost-cutting initiatives, in an effort to streamline its operations and boost its financial results.
While the exact number of job cuts has not been disclosed, the move is likely to affect a relatively small proportion of the bank’s overall workforce.
However, it remains to be seen whether these measures will be enough to help Deutsche Bank achieve sustained profitability and long-term success in a highly competitive banking landscape.
As such, investors and analysts will be closely watching the bank’s first-quarter results for any signs of progress or further challenges.
