Deutsche Bank to cut 3.5K jobs as profits fall

Deutsche Bank is planning to cut 3,500 jobs after recording a net profit of 1.4 billion euros in the fourth quarter of 2023, down 28 per cent during the same period of the previous year, according to the bank’s report on Thursday.

This came as part of an efficiency program that aims to achieve savings of €2.5 billion. The bank has also set a goal for a quarterly run-rate of adjusted costs of €5 billion and aims to operate with total costs of around €20 billion in 2025.

The bank aims to increase share repurchases and dividends by at least 50 per cent year-on-year in the current year. It has received supervisory approval for a further share repurchase of €675 million, which it aims to complete in the first half of 2024.

Deutsche Bank achieved a €4.2 billion net income in the year as a whole from €5.03 billion in the previous year, beating expectations of 3.685 billion euros expected by analysts, the report added.