Deutsche Bank AG (NYSE:DB) has laid off over a hundred senior bankers in a bid to meet cost-cutting targets by next year.
Some 111 senior bankers were fired across its retail and private wealth division, the Financial Times reported on Monday, equating to 8% of the wing’s directors.
Frankfurt-based Deutsche has sought to cut the unit’s cost-to-income ratio from 80% as of 2023 to between 60% and 65% next year, with this sitting at 77% so far in 2024.
This comes after the arm, which generates 31% of Deutsche’s revenue and 23% of its profit, has been repeatedly labelled as underperforming.
Claudio de Sanctis, who has headed the wing since mid-2023, said he was “firmly committed” to meeting the cost-cutting target but that this would take more work.
“I am working hard on all the levers that are under my control,” he added, with plans previously being laid out to shut over 300 branches in Germany, merge management and cut front-office staff.