Deutsche Bank have announced that they are planning to cut 3,500 jobs by the end of 2025 which is part of their efforts to cut €2.5 billion to improve profits.
The German bank told investors on Thursday morning that the job cuts are to be “mainly in non-client-facing areas.”
The German banking giant employs 90,000 people worldwide, in the UK there is around 7,000 staff, but Deutsche bank has not revealed how many British workers will be affected.
The bank posted a profit of €4.2 billion in 2023, however this declined by 16% the year before.
Deutsche said a higher tax bill had increased a provision for loan losses as the German economy remains uncertain.
Chief executive Christian Sewing said this “demonstrated impressive resilience in a difficult environment, expanded our business and shown everyone our bank is sustainably profitable”.
James von Moltke, chief financial officer, said, “We have reached an inflection point on key dimensions.
“We have delivered growth and capital strength while absorbing the twin impacts of continued investments and increased regulatory capital requirements.
“Looking ahead, with those impacts increasingly behind us, we are well positioned to accelerate our progress toward our 2025 goals.”