Reported about 14 hours ago
Deutsche Bank has announced plans to reduce management roles and headcount due to unexpectedly high costs that affected its financial results towards the end of last year. CEO Christian Sewing emphasized the need for a leaner operation while aiming for a capital distribution of €2.1 billion this year. Despite a 26% rise in fourth-quarter revenue from trading fixed income and currencies, the bank is facing challenges with falling income in its corporate and private banking divisions. As part of the restructuring, leaders of various business units will have more control over costs, and inefficiencies will be addressed through reducing management layers.
Source: YAHOO