Deutsche Bank has fired 111 senior managers from its retail and private wealth unit as the bank brings in cost cuts to meet 2025 targets, according to the Financial Times.

The publication said that the bank is aiming to reduce its cost-to-income ratio from 80 per cent to between 60 per cent and 65 per cent next year, noting that at its H1 2024 results, the cost/income ratio was 78 per cent.

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 November 1, 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 H1’24, profit before tax was N2.4 billion for Deutsche Bank, up from N3.3 billion in the first half of 2023. Post-tax profit was N1.5 billion, with a 3.9 per cent post-tax RoTE and 3.5 per cent post-tax RoE.

Deutsche Bank hit a profit before taxes of N411 million ($445m) for the second quarter of 2024, or N1.7 billion, excluding a reserve of N1.3 billion for litigation connected to the Postbank takeover.

Its target ratios improved year on year excluding the Postbank litigation provision, with a negative 1.0 per cent post-tax RoTE and a negative 0.9 per cent return on average shareholders’ equity, and a cost/income ratio of 88 per cent.

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