Deutsche Bank will speed up and increase its plans to slash office space as the Covid-19 pandemic has opened more opportunities for the German lender to cut costs.

The German lender will "accelerate and deepen" its plans to cut the size of its offices beyond the 25% target it set last year as the because of the “learnings” of the coronavirus crisis, its chief financial officer James von Moltke told journalists during the bank’s third-quarter earnings call on 28 October.