Deutsche Bank has fire 111 senior managers from its retail and private wealth unit as the bank brings in cost cuts to meet 2025 targets.
The bank is aiming to reduce its cost-to-income ratio from 80% to between 60 and 65% next year, according to the Financial Times. At its H1 2024 results, the cost/income ratio was 78%.
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Just recently in mangers news, in September 2024, Raffael Gasser was been named by Deutsche Bank to lead wealth management and private banking in Germany.
The bank provides services in this sector to clients in its home market who are wealthy, and ultra-high net worth. With effect from 1 November 2024, Gasser took up the role and joined the Private Bank Executive Council.
Member of the Deutsche Bank Management Board in charge of the private bank, Claudio de Sanctis, will be his supervisor.
In H1 2024, profit before tax was €2.4bn for Deutsche Bank, up from €3.3bn in the first half of 2023. Post-tax profit was €1.5bn, with a 3.9% post-tax RoTE and 3.5% post-tax RoE.
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By GlobalDataDeutsche Bank hit a profit before taxes of €411m ($445m) for the second quarter of 2024, or €1.7bn, excluding a reserve of €1.3bn for litigation connected to the Postbank takeover.
Its target ratios improved year on year excluding the Postbank litigation provision, with a negative 1.0% post-tax RoTE and a negative 0.9% return on average shareholders’ equity, and a cost/income ratio of 88%.
At the time, Christian Sewing, chief executive officer stated: ‘‘These results reflect Deutsche Bank’s operating strength. In the first half year our underlying profitability was the highest since 2011, which demonstrates the success of our strategic execution. We have built powerful momentum in our client franchise across all our businesses – and this, together with our very solid capital ratio and continued cost and risk discipline, keeps us well on track towards meeting our 2025 goals and our distribution commitments to shareholders.’’
