Deutsche Bank to Cut 800 Senior Staff as Sewing Drives Cost Cuts
The headquarters of Deutsche Bank AG reflected in the windows of an office building in Frankfurt
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Deutsche Bank AG plans to cut about 800 senior back-office staff as part of the German lender’s goal to make a further 500 million euros ($552 million) of cost savings.
Chief Executive Officer Christian Sewing said that the bank is cutting about 5% of senior non-client facing staff after increasing its cost-cut target to 2.5 billion euros. He spoke on a call with reporters alongside first-quarter results.