FRANKFURT (dpa-AFX) - Deutsche Bank wants to further reduce its costs in addition to the recent job cuts. In the first quarter, the bank's costs amounted to five billion euros, said CEO Christian Sewing on Tuesday at an investor conference of the US bank Morgan Stanley. According to the manager, Deutsche Bank is working on further cost-cutting measures. As recently as February, Sewing announced the elimination of 3,500 jobs by the end of 2025. This includes 800 jobs that the bank had already announced almost a year ago. On the stock market, the news was rewarded with a jump in the share price on Tuesday.

Following Sewing's statements, Deutsche Bank shares rose by a good five percent at times around midday. Most recently, it was still up four percent at 13.53 euros and was thus part of the leading group in the DAX. The share price had already climbed to its highest level for around two years on Monday.

Meanwhile, Sewing expects somewhat higher charges due to impending loan defaults. Risk provisions this year could reach the upper end of the expected range, the manager explained. The bank had recently expected provisions of between 0.25 and 0.3 percent of its total loan portfolio.

Risk provisions for commercial real estate at Deutsche Bank should remain at around the same level as last year, Sewing said. Most recently, the commercial real estate financiers Aareal Bank and Deutsche Pfandbriefbank had set aside many millions because commercial real estate in the USA financed by them had fallen sharply in value./stw/niw/mis