Reuters - Deutsche Bank CEO: 'You have to cut costs'

Deutsche Bank - Foyer Bridge

Deutsche Bank does not need to change its universal banking model dramatically, but faces pressure to cut costs like the rest of the banking sector, Co-CEO Juergen Fitschen said on Thursday.

Reuters reports that the bank is carrying out a strategic review which is expected to see it trim overheads and sharpen its focus on profitable business niches. Some activities under its current strategy of providing a broad spectrum of financial services globally may be shed.

'We have a strong tendency to continue to support the universal banking model', Fitschen told a financial conference. 'I don't think that you have to expect that we must make dramatic changes.

'You have to cut costs. There the needs are great and we will face the consequences for the next few years', he said, referring to the financial sector.

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Deutsche Bank says no major changes needed to universal model

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