Deutsche Bank will cut 3,500 jobs even as it records $4.5 billion profit last year
Deutsche Bank says it would cut 3,500 jobs as part of efforts to slash costs by about $2.7 billion through next year
FRANKFURT, Germany (AP) — Deutsche Bank said Thursday that it would cut 3,500 jobs as part of efforts to slash costs by 2.5 billion euros ($2.7 billion) through next year and boost profits even as Germany’s largest lender benefits from higher global interest rates.
The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers.
The announcement came alongside the release of annual profit figures showing the bank made 4.2 billion euros ($4.5 billion) last year, a decline of 16% compared with 2022. It was, however, the fourth straight year in which the bank made a profit.
The bank has benefited along with its peers from the global rise in interest rates, which can increase the profit margin between what the bank pays out in interest and what it can earn.
