Deutsche Bank, Germany's biggest lender, has decided to reduce costs significantly. As reported, the German bank as part of the financial and structural programme intends to close up to 200 high-street branches. The process of winding up will be finished by 2017, during this time a massive structural reorganization of the bank’s divisions will be carried out. In total, Deutsche Bank is scheduled to bring down annual costs by €3.5 billion by 2020. In addition, this amount does not depend on implemented austerity and consolidation expenses’ program. The bank officially announced its plans for the near future and assured that the reform blueprint is agreed upon and will be put into practice in full. It is not confirmed how many employees of the financial organization will be dismissed or transferred to other branches, but one can be sure that laying off is inevitable. Apparently, the decision to continue the regime of economy was based on team’s success under the leadership of Anshu Jain and Juergen Fitschen, who joined Deutsche Bank in 2012. Thanks to their schemes proposed, the bank’s expenses have been reduced by €3.3 billion a year. Currently, the bank holds 2,000 branches in 72 countries including Russia. The total staff of the credit institution contains 80 thousand people.
