Frankfurt-headquartered bank has imposed demanding targets on underperforming unit
Deutsche Bank has fired 111 senior managers in its retail and private wealth unit as the division implements deep cost cuts to meet stretching 2025 targets. The Frankfurt-based bank is seeking to reduce the unit’s cost-to-income ratio from 80 per cent this time last year, to between 60 and 65 per cent next year. Over the first nine months of 2024, it stood at 77 per cent.
Sewing was a veteran of the division, serving as its co-head until 2018. De Sanctis’s two predecessors were both replaced after failing to deliver on goals for costs and profitability. De Sanctis, a former Credit Suisse banker, is closing more than 300 branches in Germany, has merged three levels of management and reduced the number of front-office employees by 6.5 per cent as he tries to trim expenses.
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