June 6, 2018 / 3:11 PM / in 10 months

Deutsche Bank targets reducing group headcount to below 93,000 this year - CFO

James von Moltke, CFO of Germany's Deutsche Bank is pictured in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski/Files

FRANKFURT (Reuters) - Deutsche Bank is targeting reducing global headcount to below 93,000 by year-end and achieve a return on tangible equity of more than 4 percent next year, the lender said in slides prepared for a conference.

“Our lack of profitability is still holding us back,” Chief Financial Officer James von Moltke said at the conference on Wednesday.

Last month, Deutsche Bank announced its headcount would fall to well below 90,000 from 97,000, with a 25 percent cut in equities sales and trading jobs, which are mainly in New York and London and where it has been losing ground to U.S. rivals.

By 2021, the bank is targeting returns of around 10 percent.

Reporting by Arno Schuetze; Editing by Maria Sheahan

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