06:51 AM EST, 11/11/2024 (MT Newswires) -- Deutsche Bank ( DB ) fired 111 senior managers in its retail and private wealth business on Monday, the Financial Times reported, as the company aims to reduce its cost-to-income ratio to between 60% and 65% in 2025.

The number of slashed jobs represents 8% of the directors and managing directors in the division, the report said.

Claudio de Sanctis, head of the bank's wealth business, was quoted in the report saying that hitting the cost-income target will require further cost cuts, as well as revenue growth "in all our business lines".

Deutsche Bank ( DB ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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