In an attempt to reduce expenses, Deutsche Bank DB has laid off 111 senior managers, in particular, directors and managing directors from its retail and wealth management unit. These changes align with the bank’s strategy of trimming higher-paid roles to reduce expenses.

Deutsche Bank (NYSE:DB) has fired 111 senior managers in its retail and private wealth business as the unit launches cost reductions to meet its 2025, the Financial Times reported. According to the report,

Frankfurt-headquartered lender has imposed demanding targets on underperforming unit.