FRANKFURT Oct 13 Deutsche Bank has
introduced a hiring freeze as it seeks to cut costs amid a deep
strategic overhaul, a source familiar with the matter told
Reuters on Thursday.
Germany's flagship lender on Wednesday sent a memo to
managers on the hiring freeze, which excludes the compliance
department, the source said.
Deutsche Bank's management is working frantically
to restore investor confidence by accelerating a programme of
cost cutting measures following a U.S. demand to pay up to $14
billion for the misselling of mortgage securities before the
A Deutsche Bank spokesman declined to comment on the memo
but referred to an earlier statement explaining that the bank is
working on an ongoing headcount reduction plan.
(Reporting by Kathrin Jones; writing by Edward Taylor; Editing
by Arno Schuetze)