Deutsche Bank’s DWS Puts CEO Veto on Hiring in Cost Drive

DWS Group Chief Executive Officer Stefan Hoops has taken a page out of his mentor’s cost-cutting playbook: hiring decisions at Deutsche Bank AG’s asset management unit now need his signature.

Hoops earlier this month also asked managers to prioritize internal replacements over external hires when people leave, according to people briefed on the matter. The company has boosted its graduate intake in recent years and the new approach is expected to avoid the pay bumps typically needed to poach outside talent, the people said, asking not to be identified discussing private information.