FRANKFURT—Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows.
Sewing, who heads Germany’s top lender that reaches from New York to Sydney, said the bank was looking to reduce expenses and may cut here and there.
“We would be lying if we said otherwise,” he said, without going into details.
The comments followed forecast-beating quarterly earnings and a third consecutive year of profit, but underscored the challenges that lie ahead. The bank’s shares fell as much as 5 percent in early trade, before regaining some ground….