Deutsche Bank said February 1 that it would cut 3,500 jobs as part of efforts to slash costs by 2.5 billion euros ($2.7 billion) through next year and boost profits even as Germany’s largest lender benefits from higher global interest rates.
The bank said it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. It said the reduction in the number of positions would mostly be for jobs that don't involve directly dealing with customers.
The announcement came alongside the release of annual profit figures showing the bank made 4.2 billion euros ($4.5 billion) last year, a decline of 16% compared with 2022. It was, however, the fourth straight year in which the bank made a profit.
The bank has benefited along with its peers from the global rise in interest rates, which can increase the profit margin between what the bank pays out in interest and what it can earn.
CEO Christian Sewing said the results “demonstrated impressive resilience in a difficult environment, expanded our business and shown everyone our bank is sustainably profitable.”
Revenue grew 6.8%, to 28.9 billion euros. The company announced it was raising its dividend to 45 euro cents per share from 30 cents per share and would put more cash in shareholders' hands by buying back 675 million euros in shares by the end of June.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM