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Deutsche Bank fires 111 senior managers to cut costs, FT reports

Deutsche Bank (DB) has fired 111 senior managers in its retail and private wealth unit as the division implements cost cuts in order to meet its stretch 2025 targets, Olaf Storbek of The Financial Times reports. The bank is seeking to reduce the unit’s cost-to-income ratio from 80% this time last year to 60%-65% next year. The current ratio stands at 77%.

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