BERLIN (Reuters) – Deutsche Bank plans to reduce its executive board to nine members from 10 and to cut some jobs in infrastructure and in its private banking business to save costs, a source close to the bank told Reuters on Thursday.
Germany’s largest bank, which is due to present first-quarter results on April 27, declined to comment on the plans.
The source said that the cost-cutting measures would not affect plans to replace deputy chief executive Karl von Rohr, who the bank said on Tuesday would not renew his contract as a board member after October.
Deutsche Chief Executive Christian Sewing said in February that he could not rule out job cuts.
The bank completed its transformation phase at the end of 2022 with an improved cost-to-income ratio, but Sewing still needs to reduce costs. Compared to other European banks, Deutsche has high costs in relation to income.
Bloomberg first reported on the board shake-up.
(Reporting by Marta Orosz; Writing by Madeline Chambers; Editing by Sabine Wollrab and Miranda Murray)
