Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Deutsche Bank Tells Employees To Travel Less To Cut Costs
08-20-2018, 01:23 PM,
Deutsche Bank Tells Employees To Travel Less To Cut Costs
Deutsche Bank Tells Employees To Travel Less To Cut Costs

<p>Forget the days of traveling first class to meet clients: Deutsche Bank, which following major management upheaval in the past year, is telling its employees to take the bus whenever possible.</p>

<p>In the latest indignity to befall the bank's employees, in a memo sent by Deutsche Bank CFO James von Moltke, the biggest European bank -<strong> if certainly not by market cap</strong> - urged employees to "take every opportunity to restrict non-essential travel" until the end of the year adding that "with your help, we will meet our cost-reduction targets."</p>

<p>As <a href="">Bloomberg notes</a>, the travel curbs are the latest example of the cost-cutting drive under new CEO Christian Sewing, which has targeted perks such as first-class tickets - both for airplanes and trains - and even daily fruit bowls. Sewing vowed in April that he will keep expenses below 23 billion euros ($26 billion) in 2018, mostly by cutting at least 4,000 jobs by the end of the year, and likely many more.</p>

<p>Having failed at boosting revenue growth, losing many of its rainmaker MDs in a period in which the bank paid out no bonuses, the bank has instead decided on instilling a more austere attitude toward travel - an essential element of Sewing’s and von Moltke’s effort to cut non-compensation expenses.</p>

<p>It gets worse: in July the CFO asked all employees <strong>to submit their own cost-cutting proposals</strong>. More than 500 submissions were received during the first 24 hours.</p>

<p>"We are grateful for the many ideas contributed by employees,” von Moltke wrote in the memo. “Among these, travel expenditure is one of the most frequently-raised topics."</p>

<p>The good news, if not for the company's employees, is that DB's general expenses have tumbled to the lowest level since 2014, clocking in at €2.55BN.</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/DB%20operating%20expenses.jpg?itok=teUElo0D" data-link-option="0" href=""><img data-entity-type="file" data-entity-uuid="50f60432-468a-4f39-8b91-8cfd1c664880" data-responsive-image-style="inline_images" height="258" width="500" srcset=" 1x" src="" alt="" typeof="foaf:Image" /></a></p><img src="" height="1" width="1" alt=""/>

Forum Jump:

Users browsing this thread: 1 Guest(s)