Finance
Deutsche Bank’s Sewing to Cut Management Roles as Costs Rise
- Investments, compensation costs drive up expenses in quarter
- CEO Sewing vows to ‘operate the bank with a lower headcount.’
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Deutsche Bank AG said it plans to reduce management roles and cut headcount over coming years, after higher-than-expected costs marred its results in the final months of last year.
Expenses rose 14% from a year ago, overshadowing a better-than-expected performance in the investment bank, where fixed-income traders record their best fourth quarter on record.