deutsche bank to cut costs by €35bn by 2020
Last Updated : GMT 18:08:33
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Deutsche Bank to cut costs by €3.5bn by 2020

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Arab Today, arab today Deutsche Bank to cut costs by €3.5bn by 2020

Deutsche Bank, Germany's biggest lender
Frankfurt - AFP

Deutsche Bank, Germany's biggest lender, unveiled Monday details of a massive strategic shake-up, as part of which it plans to bring down annual costs by 3.5 billion euros ($3.8 billion) by 2020.

The restructuring programme will also entail the flotation of the bank's Postbank unit at the end of next year, the closure of up to 200 high-street branches by 2017 and a "re-focus" of its geographical footprint whereby it would exit or reduce its presence in some countries, the group said in a statement.

"Our course for the next five years is simple: we are focusing to deliver value," said co-chief executives Anshu Jain and Juergen Fitschen.

"We are confident that, by 2020, Deutsche Bank will be better capitalized and less leveraged; more cost-efficient; well-funded; more value-creating for shareholders; and better governed, with stronger systems and controls," they said.

Deutsche Bank said it recognised that the centres of global economic power "are shifting toward key emerging markets and cities."

The group therefore aimed to "refocus our global footprint, reducing the number of countries or local presences by 10-15 percent and actively investing in markets and urban centres which are most relevant to international and multinational clients," it said.

Deutsche Bank said it also aimed "to transform its operating model by simplifying its structure, strengthening its controls, and becoming more efficient, more resilient and more resolvable."

It planned to bring down annual costs by 3.5 billion euros by 2020, of which 60 percent would be achieved by efficiency improvements arising from digitisation, infrastructure adjustments and other measures. The other 40 percent would be achieved by exiting structurally unprofitable businesses, rationalising its geographic organisation and reducing its branch network.

In order to achieve these savings, Deutsche Bank anticipated one-off costs of 3.7 billion euros, it said.

 

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deutsche bank to cut costs by €35bn by 2020 deutsche bank to cut costs by €35bn by 2020

 



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