08:55 AM EDT, 06/20/2024 (MT Newswires) -- Deutsche Bank ( DB ) has reduced spending on consultants in its private banking business by 70% in an attempt to make the division more profitable, the Financial Times reported Thursday, quoting unit head Claudio de Sanctis as saying.

The private bank has ended projects that engaged Boston Consulting Group and other firms since de Sanctis became head last year, reducing expenditures on outside help by a double-digit million euro total, the FT reported, citing people familiar with the matter.

"Working with external consultants can be seen as an easy way out," de Sanctis reportedly said. "If you have a problem, call a consultant who will fix it for you."

Deutsche Bank ( DB ) did not immediately reply 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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