German lender needs to rely on its own expertise, says division’s new boss Claudio de Sanctis
Deutsche Bank has slashed spending on external consultants by 70 per cent in its private bank as the division works to become more profitable after a badly botched IT project last year. Under the private bank’s new head, Claudio de Sanctis, who replaced Karl von Rohr a year ago, the division has drastically cut back on external advisers, ending projects that involved Boston Consulting Group and other professional services firms, according to people familiar with the details.
That project, codenamed Vestivity, was launched under von Rohr but scrapped by de Sanctis this year. BCG declined to comment. In late 2023, De Sanctis stepped up cost-cutting with a plan to close as many as 250 of Postbank’s 550 remaining branches. This year, the lender struck a deal on the branch closures with Germany’s powerful service sector union Verdi. “The benefits of structural cost cuts will become visible from 2025,” de Sanctis told the FT.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
70 homes evacuated after two 'grenade-type devices' found in streetPolice said one of the items was found to be a 'viable explosive device' and there is an increased police presence in the area
Read more »
Shopper says 'game-changing' oil helped achieve 'best skin ever' at 70A youthful glow just in time for the summer? Sign us up...
Read more »
Benidorm star discusses show return with 70 episodes ready to goBenidorm actress Sherrie Hewson appeared on Tuesday's Good Morning Britain
Read more »
Customer says this oil helped her achieve her best skin ever at 70A youthful glow just in time for the summer? Sign us up...
Read more »
England fans chant '10 German bombers' and crash toy planes ahead of Euro opener'10 German bombers' mocks German casualties in World War Two.
Read more »
England fans chant '10 German bombers' and crash toy planes ahead of Euro opener'10 German bombers' mocks German casualties in World War Two.
Read more »