Bloomberg reports that Deutsche Bank is restricting oversees travel for non-revenue earning staff, preventing relocation moves and banning the use of new consulting firms in a bid to reduce costs further.
The news agency says that Deutsche chief executive Josef Ackermann authored an internal memo to the bank's executive committee and senior managers detailing the new policy, which will come into immediate effect.
The bank shocked the market last month when it posted a third quarter loss and it would seem that cost savings and efficiency gains are not coming in quickly enough. The memo continued: 'It's imperative that we do everything to continue the favourable quarter-on-quarter cost trend that we have established so far this year'.
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