The bank will probably seek to cut $3.4bn of costs by the end of 2017.
Bloomberg News reports that the bank will probably seek to cut $3.4bn of costs by the end of 2017 and set a lower target for return on equity for that year, the analysts wrote in an e-mailed report on Tuesday.
Co-Chief Executive Officers Anshu Jain and Juergen Fitschen have sought to keep a full-fledged investment bank and consumer-lending unit since taking over in 2012, even as rising capital requirements hurt profitability. That objective looks increasingly outdated as returns lag targets and competitors such as Barclays make deeper cuts. The bank has said it will present an update of its strategy in the second quarter.
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