FRANKFURT, July 24 (Reuters) - 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