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Deutsche Bank CEO Targets Profitability Above All Next Year

  • CEO says job cuts to continue but didn’t give detail on scale
  • Sewing is over two years into a restructuring to reduce costs
Christian Sewing
Christian SewingPhotographer: Krisztian Bocsi/Bloomberg
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Deutsche Bank AG’s overriding goal for next year is profitability, ahead of other issues including the scale and pace of job cuts, according to Chief Executive Officer Christian Sewing.

The German bank’s second-most important target is hitting 70% cost-income ratio, he said Tuesday at a virtual conference hosted by the Financial Times, echoing previous comments. The CEO didn’t say whether his plan to lower Deutsche Bank’s headcount to 74,000 by the end of next year was still intact, saying only that workforce reductions would continue.