FRANKFURT, July 24 Germany's Deutsche Bank AG
is planning more cost cuts of up to 2.5 billion
euros ($3.4 billion) as it tries to boost its competitiveness,
German newspaper Handelsblatt reported.
The bank plans to slash costs by 6 billion to 7 billion
euros until 2018, the paper reported in a pre-release of its
Friday edition, citing financial sources.
"We have a programme targeting cost cuts of 4.5 billion
euros by 2015," a Deutsche Banks spokesman said, declining to
comment on the newspaper report.
Deutsche Bank will focus on using new technologies and
introducing better internal processes instead of slashing more
jobs, according to Handelsblatt.
Deutsche Bank launched a restructuring plan in mid-2012
designed to cut its balance sheet and refocus its investment
bank, saying then that it aimed to cut investment banking
headcount by 1,500.
In March, Handelsblatt reported that Deutsche Bank planned
to cut another 500 investment banking positions because of poor
results in the first quarter, with most of the layoffs in fixed
income, currencies, commodities and derivatives.
Deutsche Bank has decided that 2014 will be a make or break
year as it cuts costs, slashes its balance sheet and works
through a long list of scandals.
($1 = 0.7428 Euros)
(Reporting by Arno Schuetze. Editing by Andre Grenon)