Deutsche Bank to continue to cut costs

Deutsche Bank - External

Deutsche Bank sustainably cut costs in 2018, the bank’s finance chief said on Friday, seeking to allay a major concern held by investors in recent years.

Reuters reports that the bank has pledged to keep costs at 23 billion euros (£20.7 billion) in 2018 and reduce them to 22 billion euros in 2019.

Analysts on the whole believe the bank will meet these targets, according to a consensus forecast published on the bank’s website, after missing its goals in past years.

In the meantime, Bloomberg News reports that as Deutsche Bank was pulled deeper into a downward spiral last year, its executives engaged almost two dozen times with German Finance Ministry officials.

Representatives of the bank had 23 discussions with officials since the new government was formed in March, most of them with Deputy Finance Minister Joerg Kukies. CEO

Christian Sewing and supervisory board Chairman Paul Achleitner each had six exchanges, according to a letter from the Finance Ministry that was seen by Bloomberg.

Deutsche Bank sustainably cut costs in 2018, CFO says

Deutsche Bank, Finance Ministry Held 23 Talks as Woes Worsened

 

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