In 2022, Deutsche Bank employed approximately 85,000 people worldwide. (representative)
frankfurt, Germany:
Germany’s largest bank Deutsche Bank announced on Thursday it plans to cut 3,500 jobs as part of a major cost-cutting drive after net profits fell in 2023.
The group reported net profit attributable to shareholders of 4.2 billion euros ($4.5 billion), down 16% from the previous year, when profits rose due to a one-time tax benefit.
Costs related to the company’s savings and efficiency plans also hit net profit, with Deutsche Bank spending 566 million euros on restructuring and severance payments.
However, due to the European Central Bank raising interest rates, revenue increased 6% year-on-year to 28.9 billion euros.
Chief executive Christian Sewing praised the bank’s performance in an “uncertain environment” and highlighted that Deutsche Bank achieved a pre-tax profit of nearly 5.7 billion euros, the highest level “in 16 years”.
He said the group also “continues to focus on cost control” as Deutsche Bank continues to push ahead with a 2.5 billion euro efficiency improvement plan aimed at improving profitability.
As part of those efforts, Deutsche Bank said it plans to cut about 3,500 jobs over the next two years, “mainly in non-customer-facing areas.”
In 2022, the bank employed approximately 85,000 people worldwide.
Deutsche Bank also announced new targets for 2025, saying it aims to achieve revenue of 32 billion euros and total operating costs of approximately 20 billion euros.
In 2023, the group will propose a shareholder dividend of 0.45 euros per share, an increase of 50% compared to 2022.
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