Deutsche Bank CEO Sewing Vows to Keep Expenses in Check (1)

Deutsche Bank AG Chief Executive Officer Christian Sewing vowed to meet previous cost targets and said he’s working on additional measures to ensure he succeeds.

The German lender will hit a goal of keeping expenses at €5 billion ($5.5 billion) in the first quarter and the full-year figures will be around €20 billion, Sewing said at an investor conference hosted by Morgan Stanley on Tuesday.

The current analyst consensus sees €5.3 billion in total non-interest expenses for the first quarter and €20.9 billion for the full year. Shares gained as much as 5.3% on Tuesday in Frankfurt.

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