FRANKFURT (dpa-AFX) - Deutsche Bank AG's (DB) Chief Executive Officer Christian Sewing said the company is on the right track to achieve the planned cost reductions and revenue growth of 900 million euros per year by 2022 at the latest. cost-income ratio would then be below 65 percent. And it is working on accelerating this restructuring.
Deutsche Bank said, 'Soon, we'll look very different. Our 'Bank for Germany' will serve more than 20 million clients from a single company with joint management overseen by my fellow Board member Frank Strauß. We'll keep our two strong brands: Deutsche Bank and Postbank.'
By 2021, the company aims to sustainably generate approximately half of Group revenues from Private & Commercial Bank and Asset Management business, DWS. And on top of that there's Transaction Bank, which offers payment solutions and trade finance. Together, these more stable business divisions should contribute about 65 percent of our earnings. This would put us at about the same level as our American and European competitors.
This year adjusted costs will not exceed 23 billion euros. And for 2019 the target is 22 billion euros.
Earlier today, Deutsche Bank announced more than 7000 job cuts in its Equities Sales & Trading business, in its efforts to cut costs following weak trading performance. The company sees restructuring charges of up to 800 million euros in its 2018 results.
Copyright RTT News/dpa-AFX