Deutsche Bank is reportedly planning to shrink its executive board from nine to 10 and axe roles in its infrastructure and private banking business as part of a cost savings exercise.
A source told Bloomberg the bank’s efforts to trim costs would not influence its plans to replace deputy chief executive Karl von Rohr following previous reports that he would not renew his contract as a board member after October.
Sources told the media outlet that Deutsche Bank will likely decide on the board reduction intentions next week and could discuss some details of the savings plan ahead of its earnings report due on 27 April.
The news follows reports that Deutsche Bank chief executive Christian Sewing said he hopes to heighten savings above the current target of €2 billion by 2025, which he said would be realised through job cuts and reducing office space.
In another move likely to align with the bank’s cost cutting intentions, along with reputational considerations, Deutsche Bank recently announced it would be winding down its IT operations in Russia.
The Financial Times reported that last year the bank had “quietly relocated” 700 Russia-based IT staff to its offices in Berlin and is now offering remaining Russia-based employees voluntary redundancy packages.
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