Sal Oppenheim, the Cologne-based private bank which is part of Deutsche Bank, expects that costs cut as a result of restructuring will help return the bank to profit by 2015, its chief executive said on Monday, reports Reuters.

"Cost-cutting measures alone should bring us back into the profit zone," said Sal Oppenheim chief executive Wolfgang Leoni.

Leoni said that staff levels at the bank will stabilise at about 450 by 2015, with restructuring costs expected to hit 2014 earnings.

Last month, the bank confirmed that a new organisational structure focusing on wealth management was in progress and would bring with it a number of job cuts. For more on this story, click here.