Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Deutsche Bank talks austerity in posh hotel

Share this article

Deutsche Bank talks austerity in posh hotel
Photo: DPA
11:38 CET+01:00
Troubled Deutsche Bank has rented out the whole of one of Germany's poshest hotels – for its top managers to spend three days taking about cutting costs and saving money, a magazine reported at the weekend.

Suites at Berlin's Adlon Hotel can cost up to €15,000 a night, while the cheapest room will set penny-pinchers back €320 a night – and Deutsche Bank has rented out the entire building, Der Spiegel said, in a report to be published on Monday.

Its top managers will be housed there from Monday through to Wednesday for the major pow-wow on how to save money.

Just a few weeks ago Deutsche Bank chiefs Anshu Jain and Jürgen Fitschen talked about bringing a new culture to the bank in which the much criticized excesses of the past would become history.

The two announced that the bank would seek to cut costs by €4.5 billion by 2015, which is to be accomplished in part by sacking of 2,000 employees by the end of this year.

At the same time, Deutsche Bank tops a list of 28 financial institutions that would provoke a worldwide shock that is impossible to calculate, should any of them collapse.

The “too-big-to-fail” list is established by the Financial Stability Board, an international forum made up of national banks and other institutions.

The Local/DAPD/mw

Europe's Leading Job Site for
International Talent - The Local Jobs
Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.

From our sponsors

The French business school helping students craft more meaningful careers

Two MBA graduates from EMLYON Business School explain how their studies helped them to land their dream jobs working for international organisations.