Deutsche Bank plans to cut jobs, shrink board

Deutsche Bank (DBKGn.DE) will slash infrastructure and private banking employees to save money, a source told Reuters on Thursday.

On April 27, Germany’s largest bank will report first-quarter results.

The source said the cost-cutting measures would not affect preparations to replace deputy CEO Karl von Rohr, who the bank said on Tuesday would not renew his board membership after October.

In February, Deutsche CEO Christian Sewing suggested job cutbacks were possible.

Sewing has to cut costs when the bank concluded its transition phase in 2022 with a lower cost-to-income ratio. Deutsche has high cost-to-income ratios.

Bloomberg reported the board reshuffle.