06:17 AM EST, 11/12/2024 (MT Newswires) -- (Updates with Deutsche Bank's ( DB ) comment in the fourth and fifth paragraphs.)

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 as saying that hitting the cost-income target will require further cost cuts, as well as revenue growth "in all our business lines".

The staff reduction was a gradual process that occurred from when de Sanctis took over the private bank division in July 2023 and through September 2024, a spokesperson for Deutsche Bank ( DB ) told MT Newswires.

The move, which was implemented internationally, was to reduce committees and flatten hierarchies across the division, the spokesperson said.

(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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