3/22/2019, 8:53 AM (Source: TeleTrader)
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Deutsche Bank vows job cuts, sees rise in turnover

Deutsche Bank AG was called higher in premarket trade on Friday after publishing a comprehensive report for last year and offering relatively optimistic guidance. It proposed an unchanged dividend of €0.11 per share. The ailing German lender, currently in discussions for a potential merger with domestic rival Commerzbank, said it cut headcount by 5.9% to 91,737 employees and that it would tend to reduce the number below 90,000. Revenue this year should slightly rise, with improvement in corporate and investment banking, fixed income and currencies and equities, it claimed.

The variable in the compensation funds was cut 14% to €1.9 billion in 2018, also partly due to layoffs, the report said and revealed the total was reduced to €10.6 billion from €11.1 billion. The target return on tangible equity, or RoTE, was maintained at above 4%. Management claimed its strategy is based on "controlled growth" and that it is on the right path toward improvement.

Christian Sewing, chief executive and board chairman, earned €7 million compared to a jump of 86.9% to €55.7 million in total for directors.

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