Deutsche Bank: cost-cutting target adjusted, shares slide

(CercleFinance.com) - This morning Deutsche Bank published its 2018 annual report, which included several important items worth noting.


First of all, the German bank is now committed to reducing its variable costs by a further 1 billion euros, to 21.8 billion euros in 2019, thereby lowering the target it set in 2018 by 200 million euros.

DB also said that it aims to have a full-time workforce of less than 90,000 by year-end 2019, compared to 91,737 at the end of 2018 and 97,535 at the end of 2017.

On a brighter note, its corporate and investment Bank (CIB) division is expected to deliver "controlled" revenue growth in 2019, from targeted resource deployment and investment.

The Frankfurt-listed shares were down 1% at 7.4 euros after this report.

Copyright (c) 2019 CercleFinance.com. All rights reserved.