According to a report by Reuters, citing an unnamed source with knowledge of the matter, Deutsche Bank plans to shrink its executive board to 9 members from 10 and also to eliminate some jobs in infrastructure and its private banking business.
According to the report, the cost-cutting initiative would have no impact on plans to replace Deputy Chief Executive Karl von Rohr, who will not renew his contract as a board member after October.
In February, Deutsche Bank’s Chief Executive Officer Christian Sewing had said he could not rule out job reductions.
Germany’s largest lender is expected to report its first-quarter results on April 27th.
The shares of Deutsche Bank AG (DBKGn) were last edging down 0.41% (EUR 0.041) to trade at EUR 9.965 in Frankfurt on Thursday, while snapping a two-day streak of gains.
Deutsche Bank’s total market cap now stands at EUR 20.346 billion.
The shares of Deutsche Bank AG went down 3.90% in 2022, compared with a 12.35% loss for the benchmark index, DAX (GDAXI).
The lender’s shares have retreated 5.88% so far this year.