You are here: Home » PTI Stories » National » News
Business Standard

Deutsche Bank CEO: Remote work could help company cut costs

Topics
Business Finance

AP  |  Frankfurt 

Germany's Deutsche Bank says it is in good financial shape and will push ahead with cost cuts to bolster profitability - and its CEO says working from home could play a role in that.

CEO Christian Sewing said at the company's annual shareholder meeting, held online due to the coronavirus outbreak, that the company was on track to meet its goals for cutting its cost base to 17.0 billion euros ($18.6 billion) in 2022 from 21.5 billion euros last year.

The company will not pay a dividend as it carries out a far-reaching restructuring aimed at eliminating riskier and less profitable businesses and focusing on its European client base.

Sewing said financial reserves exceeded regulatory requirements and that the Frankfurt-based bank was sticking to financial goals set out last year.

He said the company was part of the solution during the crisis, advising the government on support efforts and acting as a conveyor belt for 6,500 applications for emergency credit with a volume of over 5 billion euros.

He added that efforts to adapt to the outbreak through remote working and video conferencing raised the possibility of spending less on office space and travel.

"If 60% of employees worldwide can work away from their offices and still deliver excellent service to our clients, then of course we have to ask ourselves: can we give our staff additional flexibility to work from home if they want to?" Sewing said in his speech to shareholders.

"And if that's the case, do we need quite so many offices in expensive urban centers?" Less corporate travel would save the company time and money, and benefit the environment as well, he added. Deutsche Bank had 88,000 employees at the end of last year.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, May 20 2020. 18:12 IST
RECOMMENDED FOR YOU