Deutsche bank plans massive cost reduction
The bank expected to achieve a return on equity of 8 percent in 2022. This goal is now out of sight due to the headwind in the consumer branch and the business division, where the effects of low interest rates are clearly felt. Deutsche also reported that bond trading is going well in the current quarter.
The planned cost reductions from 1.4 billion euros to 2022 will be maintained. According to insiders, Deutsche Bank is considering cutting costs soon at its German consumer branch, Privat- und Firmenkundenbank (PFK). That part currently enjoys great independence and is planned to be integrated with the rest of the bank. With the intervention, the bank reportedly wants to save 100 million euros per year.