Deutsche Bank made ‘further progress’ on EUR 2.5B Operational Efficiency program

The company said, “Operational efficiency: in reducing noninterest expenses to EUR 5.3 billion, the bank also reduced adjusted costs to EUR 5.0 billion in the first quarter, in line with its target quarterly run-rate objective for 2024. Deutsche Bank made further progress on its EUR 2.5 billion Operational Efficiency program during the quarter, including optimization of the bank’s platform in Germany and workforce reduction, particularly in non-client facing roles. Savings either realized or expected from completed efficiency measures grew to EUR 1.4 billion, including approximately EUR 1.0 billion in realized savings to date.”