DEUTSCHE Bank plans to slash infrastructure spending, which could see jobs shifted from expensive locations like London to low-cost sites in Mumbai, the bank’s chief operating officer (COO) told investors yesterday.
The move is part of a three year plan to cut €4.5bn (£3.6bn) from the bank’s cost base.
Deutsche will sell 40 buildings and downsize the 100,000 cost centres that grew up during more favourable market conditions.
COO Henry Ricotto argued that there were too many senior managers repeating work – “Not everybody needs their own COO,” he told the investor conference.
In particular he pointed to London where 60 per cent of staff work in infrastructure rather than client-facing roles, which can be moved to cheaper locations.
City A.M. Reporter