** Deutsche Bank's Private Wealth Unit Fires 111 Senior Managers in Cost-Cutting Drive

Deutsche Bank has fired 111 senior managers from its private wealth unit as part of a cost-cutting drive. The move aims to reduce the division's cost-to-income ratio, which currently stands at 77% and is expected to reach between 60-65% by next year.

The decision comes after four consecutive years of cost cutting in the wealth management division. Claudio de Sanctis, who took charge of the unit in mid-2023, has implemented measures to reduce expenses, including closing over 300 branches in Germany and merging three levels of management.

The private bank generates 31% of Deutsche Bank's revenue but only 23% of its profit. Meeting cost targets will require further cuts as well as revenue growth across all business lines.

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Source: https://www.ft.com/content/56b9ad41-a91e-4d5d-89d3-d7165a179e42