Deutsche Bank is cutting 3,500 jobs as it pushes ahead with a plan to reduce costs by €2.5 billion ($2.7 billion) by 2025.
Germany’s biggest lender said Thursday that it had made progress towards the target but still had to find savings of €1.6 billion ($1.7 billion), some of which would be driven by “simplified workflows and automation.” Most of the jobs will be lost in back office functions, it added in a statement.
Deutsche Bank also reported that 2023 profit before tax rose 2% on the previous year to €5.7 billion ($6.1 billion) — its highest level in 16 years. But net profit fell 14% to €4.9 billion ($5.3 billion) as its tax bill rose.
“We have… delivered growth well ahead of target and maintained our focus on cost discipline while investing in key areas,” CEO Christian Sewing said.
The bank said it would return €1.6 billion ($1.7 billion) to shareholders in the first half via dividends and share buybacks.
— This is a developing story and will be updated.
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