Deutsche Bank's new chief executive said he may have to cut more jobs with no sign of a market pickup, but would press on selling the bank's huge share portfolio in case a tax break is ended after elections in September.
In his first media briefing as chairman Mr Josef Ackermann said he would not rule out more job cuts in addition to 9,200 positions already earmarked to go amid growing pressure to bring down costs and improve efficiency.
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"The way financial markets have been developing and costs have been pressing us, more job cuts cannot be ruled out," Mr Ackermann said. However he gave no detail on the jobs that may go.
Mr Ackermann, who formally took over at Deutsche from outgoing CEO Mr Rolf Breur a month ago, has set a €2 billion savings target by the end of 2003.