Apr
27
Deutsche Bank to Cut $3.8 Billion Costs in Strategy Shift
ByDeutsche Bank AG plans to reduce annual costs by a further 3.5 billion euros ($3.8 billion), cut back its ownership in the Postbank consumer unit and shrink the securities business to revive profitability. The shares dropped.
Deutsche Bank aims to achieve a return on tangible equity of at least 10 percent in the medium term, the Frankfurt-based company said in a statement Monday, scrapping its previous profitability goal. It will reduce the number of countries or local presences by as much as 15 percent by 2020 and close up to 200 branches…
Deutsche Bank to Cut $3.8 Billion Costs in Strategy Shift
