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Deutsche Bank to fire 4,800 workers

  |   Feb. 4, 2005 at 9:57 AM
FRANKFURT, Germany, Feb. 4 (UPI) -- Germany's Deutsche Bank expects to take a $911 million charge this year to cover 4,800 job cuts and other efficiency measures.

News of the bank's planned layoffs and accompanying financial charges came as it reported fourth-quarter profits that were ahead of expectations, the Financial Times reported Friday.

Last quarter the bank dropped about 1,600 workers.

Chief Executive Josef Ackermann is cutting costs to drive up the bank's pre-tax return on equity to 25 percent from its current 17 percent.

"The investments we have made in our core businesses, together with our planned cost savings, underline our firm commitment to deliver on our financial targets," Ackermann said.

© 2005 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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