Deutsche Bank weakens free fruit for staff and prohibits first class train travel while trying to reduce costs
- Managers have been warned not to spend more than their budget exceeds
- The bank is also cutting payments to laid-off workers
- CEO Christian Sewing is determined to end years of slow performance
City and Finance Reporter for the Daily Mail
The beleaguered Deutsche Bank is eliminating daily supplies of fruit for its staff, as it reduces costs
The beleaguered Deutsche Bank is reducing daily fruit supplies for its staff, as it reduces costs.
The lender has also told the workers that they can not travel first class on a train and has suppressed them by attending conferences.
It is also cutting back payments to laid-off workers, and managers have been warned not to spend more than their budget under any circumstances.
The CEO, Christian Sewing, appointed in April after his predecessor was fired after a change of course, is determined to end years of sluggish performance, as the share price remains near historic lows.
He has told new operations director Frank Kuhnke to oversee the cuts, using a direct approach that has earned him the nickname "Frank the tank."
The lender is closing its Texas office, reducing its business in Chicago and plans to lay off at least 7,000 people.