Deutsche To Slash Costs

The bank has set itself a target to cut costs by up to £1.24bn a year and will also move forward the sale of stakes its holds in some of Germany's biggest corporates, using the proceeds to buy back its own shares.

The bank reported first quarter profits of $1bn last week, but over 90% of this was due to gains from the disposal of stakes in Allianz and Munich Re.

Deutsche also announced a series of measures, including merging its private and business operations into one subsidiary. The will no doubt help reduce costs.