Deutsche Bank to Downsize its Workforce

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Deutsche Bank plans to reduce its executive board from 10 to nine members and cut some jobs in infrastructure and private banking in order to save costs.

The bank declined to comment on the plans. The cost-cutting measures will not affect the plan to replace deputy chief executive Karl von Rohr after October.

In February, CEO Christian Sewing stated that he could not rule out job cuts. By the end of 2022, the bank aims to improve its cost-to-income ratio, which is comparatively higher than other European banks.

Bloomberg first reported on the board shake-up.