Deutsche Bank to Slash 3,500 Jobs in Cost-Cutting Drive

The German banking giant aims to save €2.5 billion by 2025, returning €1.6 billion to shareholders despite a drop in net profit.

Deutsche Bank announces plans to cut 3,500 jobs amid a major cost-cutting initiative, aiming to save €2.5 billion by 2025.
The job cuts are primarily in non-client-facing areas, with a focus on automation and operational efficiency.
Despite the job cuts, Deutsche Bank reported a pre-tax profit of €5.7 billion for 2023, the highest in 16 years, but net profit fell by 16% due to restructuring costs.
The bank plans to return €1.6 billion to shareholders through dividends and share buybacks in the first half of 2024.
Deutsche Bank's job reduction move comes as part of a broader trend among global banks to streamline operations and reduce costs amid economic uncertainties.