Deutsche Bank looking at ways of speeding up costs

Need for Speed Rivals

'Accelerating some of the cost measures that we have planned'.

Deutsche Bank rose after Chief Financial Officer Marcus Schenck signaled that the bank may have more time to build up capital buffers and is looking at ways to speed up cost cuts.

“We have at least one more year to get the relevant ratios compared to what we had expected in October,” Schenck said on a call with analysts on Thursday, when Deutsche Bank reported a surprise profit for the first quarter. “We are of course looking into potentially accelerating some of the cost measures that we have planned as a reaction to what we’re now seeing in the market. If volumes, if market activity stay at a low level, we will react to that.”

Bloomberg News reports that Co-Chief Executive Officer John Cryan, 55, is seeking to bolster capital buffers without tapping investors as regulators toughen scrutiny of riskier activities. While the co-CEO has scrapped dividends, earmarked businesses for sale and pledged to eliminate thousands of jobs, earnings have been undermined by $14bn in costs linked to past misconduct, a bill which is seen rising and may spark another loss in 2016, according to Cryan.

To access the complete Bloomberg News article hit the link below:

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