Deutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.
"We need to further speed up and that's what we are doing," Deutsche Bank Chief Executive Officer Christian Sewing told reporters when asked about the cuts.
Deutsche's performance reflected a quarterly increase in income from higher interest rates that offset a slump in revenues at its investment bank. Net profit attributable to shareholders was 1.158 billion euros in the first quarter. That compared with profit of 1.060 billion euros a year earlier, and was better than analysts' expectations for a drop in profit to around 977 million euros.MIXED BAG
Deutsche's deposits dropped 5% in the first quarter from the end of last year, but executives said they have been increasing during the month of April.Analysts said Deutsche, which ranks as one of the world's most systematically important banks, is vulnerable to a slowing economy, high inflation and regulatory issues that have plagued it over the years.of its management board that includes changes at the top of its retail business and its U.S.
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