Deutsche Bank CEO says ‘no guarantee’ on layoffs.

Deutsche Bank is nearing the conclusion of a three-year reorganisation that included plans to lay off 18,000 employees.

Christian Sewing stopped short of announcing that the German lender was beginning on another round of layoffs.

Christian Sewing, the chief executive officer of Deutsche Bank, stated that there is “no certainty” that the bank will not decrease its workforce in the next months, following sharp reductions by investment banking competitors.

While Sewing stopped short of announcing that the German lender was beginning on another round of layoffs, he acknowledged that the bank’s ambitions to reduce expenses by €2bn might entail workforce reductions.

“In the past three or four years, we have decreased personnel more than our competitors on average. Some of our competitors have significantly grown personnel over the past two years and are now reducing it “he stated. “There is no certainty that we will not be decreasing staff in this or the other way, but we also want to grow. For instance, we wish to invest in technology.”