Deutsche Bank to Revise Profit Goal in Cost-Cutting Overhaul
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Deutsche Bank AG is poised to unveil details of its sweeping plan to shrink costs as co-Chief Executive Officers Anshu Jain and Juergen Fitschen try to revive profitability that’s consistently missed their target.
The overhaul, to be described Monday, may include branch closures and withdrawing from some investment-banking businesses, leading to thousands of job cuts, according to analysts and investors. The bank also will probably abandon its 12 percent return on equity target for next year, they said. The measure of profitability was 3.1 percent in the first quarter.