According to a Reuter’s report, Chief Financial Officer of Deutsche Bank, James von Moltke told a New Year’s reception that Germany’s largest lender has pledged to keep costs at 23 billion euros ($26.50 billion) in 2018 and reduce them to 22 billion euros in 2019.
Deutsche Bank’s inability to meet cost reduction goals has been a cause for concern for its investors over the last few years. But with the right policies and strategies, the CFO has allayed these fears, at least for 2019. Analysts widely believe that based on a consensus forecast displayed on the banks site, this claim may well be true.
It appears that allegations that the bank faced in 2018 are firmly put behind and the leadership of the bank is in no mood to play to any more damaging media. We could mention here that the bank faced allegations of laundering money after a two-day raid in November that involved a police search of all board members’ offices. The CFO quoted as saying that the bank wants to resolve these allegations as quickly as possible, and is cooperating fully with the authorities, ensuring that there is no evidence of any misconduct on their part.