Germany: Deutsche Bank plans more cost cuts to meet 2022 profit target
FRANKFURT (Reuters) - Deutsche Bank will cut more costs, Germany’s biggest bank said on Wednesday, as it confirmed a key profitability target for 2022 that analysts are not convinced it will achieve.
The bank is in the midst of a major overhaul under Chief Executive Christian Sewing and has already announced plans to cut headcount by 18,000 and exit some businesses.
It is aiming to return to profitability after five years of losses totalling more than 15 billion euros ($18.2 billion).