COST CUTTING
Lender Deutsche Bank tightens its belt
Among measures, investment bankers at Germany’s largest lender have been told to travel coach class on trains
Frankfurt — The list of perks at Deutsche Bank is shrinking fast. Investment bankers at Germany’s largest lender have been told to travel coach class on trains; fewer are able to attend conferences and some former employees said severance pay was less generous than previously. Even treats such as daily fruit bowls are disappearing. The frugal ethos described by half a dozen people with knowledge of the company’s policies reflects CEO Christian Sewing’s focus on saving after a series of botched turnaround efforts. The appointment of a new COO, Frank Kuhnke, as a direct report to Sewing is a signal that the CEO wants to have better control over processes and expenses. Kuhnke’s efficient yet blunt tactics have earned him the moniker "Frank the Tank", one person said. Sewing has been warning senior managers at the investment bank that if they cannot show they are able to control expenses, he will not trust them to be able to grow revenue either. Managers are being given fixed budgets th...
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