Deutsche Bank to cut 3,500 jobs

Frankfurt-based Deutsche Bank, one of Germany's largest banks, increased its pre-tax profit by 2 percent in 2023 compared to the previous year, reaching 5.7 billion Euros.

Deutsche Bank announced its financial results for 2023. Accordingly, the bank's revenues rose by 6 percent last year compared to 2022, reaching 28.9 billion Euros.

The bank's pre-tax profit also increased by 2 percent during the same period to 5.7 billion Euros, marking the bank's highest pre-tax profit in the last 16 years.

3,500 PEOPLE TO BE LAID OFF

In the bank's statement, which pointed out that efforts are underway to make operating expenses more efficient, it was also reported that the number of staff, primarily those without client contact, will be reduced by approximately 3,500 people.

Deutsche Bank CEO Christian Sewing, whose views were included in the statement, emphasized that the bank continues to grow beyond its targets, stating, “This gives us strong confidence that we will reach our 2025 targets.”

News Source: AA