Chief executive Christian Sewing said the bank would lay off around 5% of senior staff not directly connected to customers, after raising its cost-cutting target to 2.5 billion euros, reports Bloomberg, cited by ZF.
The statements were given during a telephone conversation with reporters, in the context of the presentation of the results from the first quarter.
Sewing is increasingly relying on the firm’s corporate and private services to drive growth as the trade boom of recent years fades and Europe moves away from the era of negative interest rates. In the context of reducing back-office staff, Sewing also announced selective hiring in the corporate bank, investment bank and wealth management.
Chief Financial Officer James von Moltke said Thursday that the bank is looking at new opportunities to boost its wealth management business in the wake of the Credit Suisse Group AG crisis.
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