Financial News Roundup, Deutsche Bank Job Cuts, Unilever Price Rises, and More

Deutsche Bank has announced that it will be making job cuts across its management-level workforce, in an effort to reduce costs.

The lender plans to increase its cost savings by €500 million through a series of “efficiency measures”, which will include “strict limitations on hiring in non-client-facing areas” and a reduction in the number of its management staff.

Unilever CEO denies greedflation accusations The first quarter saw higher prices drive bigger-than-expected sales growth at Unilever.

However, CEO Alan Jope has rejected accusations of greedflation, claiming that the conglomerate handled price increases “responsibly”.

In fact, Jope stated that Unilever would rather “shrinkflate” than raise prices, in reference to its Magnum multipacks which saw the number of ice creams in a pack reduced from four to three.

Unilever’s sales grew by 10.5% in the first quarter, driven entirely by pricing growth, with turnover totalling €14.8 billion.

Former Kellog’s CEO appointed as Paddy Power owner’s new chair Flutter, Paddy Power’s owner, has appointed former Kellogg’s CEO, John Bryant, as its new chair.

This comes as the firm prepares to put its US listing to shareholders, on the same day that the government announces major gambling reforms.

Bryant, a US-Australian dual national, has served on the boards of numerous American businesses, including Coca-Cola and Macy’s, further signalling Flutter’s shift towards the US.

New CBI boss speaks out on sexual harassment The newly-appointed director-general at the Confederation of British Industry (CBI), Rain Newton-Smith, has stated that she “acted on” sexual harassment allegations and “supported staff who needed to raise them”.

In her opening address, Newton-Smith addressed victims and stated that the organisation had let them down in the past.

Deutsche Bank reports positive quarterly results Deutsche Bank has reported a quarterly profit worth over £1.7 billion, dispelling fears that it was at the centre of a new financial crisis.

The lender reported its eleventh consecutive quarter of profit growth, with profit before tax up 12% year-on-year to €1.9 billion.

Net profit rose 8% to €1.3 billion, marking its best performance since 2013.

WPP increases focus on AI Ad behemoth, WPP, has reported a 4.9% increase in revenue, but noted that some major US tech firms cut back spend.

Revenue came to £2.8 billion as the group won new contracts with firms such as Adobe, Ford, Maruti Suzuki, Mondelēz, and Swissport.

WPP has also upped its focus on AI, which it used to create personalised ads in India during the quarter.

Unilever sales grow despite decline in revenues AstraZeneca aims for expansion in China Unilever’s sales grew by 10.5% in the first quarter, thanks to pricing growth of 10.7%.

The rise comes as the business expects an inflation hit to costs of €1.5 billion for the first half of the year.

Meanwhile, pharma giant AstraZeneca is planning expansion in China, building a manufacturing plant in Qingdao city to produce inhalers for COPD patients and entering partnerships with Shandong province to establish an innovative rare diseases diagnosis and treatment hub, as well as the Chinese Red Cross Foundation.

Total sales fell 4% to $10.9 billion in the first quarter, largely due to a $1.5 billion drop in Covid-related medicines.

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