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Deutsche Bank Cuts Jobs, Invests in India

Deutsche Bank cuts 111 senior managers to slash costs and improve its private banking division's performance. Simultaneously, the bank invests heavily in India's growth.

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English

United States

Germany Labour MarketInvestmentGrowthJob CutsCost ReductionBank Restructuring

Deutsche BankFinancial Times

Claudio De SanctisAlexander Von Zur MuehlenKaushik Shaparia

What is Deutsche Bank's primary goal behind the recent job cuts?: Deutsche Bank is cutting 111 senior managers in its private wealth and retail sections as part of a cost-cutting initiative to reduce its cost-to-income ratio to 60-65% by 2025. This is a significant reduction from approximately 80% in 2023.
What are Deutsche Bank's plans regarding hiring in the wealth management sector?: While the cost-cutting measures involve job losses among senior managers, the bank plans to hire more wealth management employees next year, suggesting a shift in strategy towards more efficient operations.
What is the significance of Deutsche Bank's investment in its Indian operations?: Deutsche Bank has invested €571 million in its Indian branch operations to fuel growth in sustainable finance and digital transformation, reflecting the bank's belief in India's strong growth potential.
What are some of the criticisms leveled against Deutsche Bank's private banking division?: The private banking division has underperformed in recent years, facing criticism for IT issues and failing to earn its cost of capital; it contributes 31% of the bank's revenue but only 23% of its profits.
Who is leading the restructuring efforts within Deutsche Bank's private banking division, and what strategies are they implementing?: Claudio de Sanctis, the current head of private banking, is leading the restructuring efforts, which include merging management levels, closing branches, and reducing front-office employees and consultant spending.

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