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Deutsche Bank cuts 3,500 jobs, and why it ended the year with 4.2 billion euros in profit

2024-02-01 20:27:52Biznes SHKRUAR NGA REDAKSIA VOX
Deutsche Bank cuts 3,500 jobs, and why it ended the year with 4.2 billion euros
Deutsche Bank

Deutsche Bank said on Thursday it will cut 3,500 jobs as part of efforts to cut costs by 2.5 billion euros by next year and boost profits, even as Germany's biggest lender benefits from higher interest rates. global interest.

The bank said it will try to improve its marketing network and computer systems and software as it seeks to cut costs. The bank said the reduction in the number of positions would be mainly for jobs that do not involve direct customer relations.

The announcement came alongside the release of annual profit figures which showed the bank made €4.2 billion in profit last year, a 16% drop compared to 2022. However, it was the fourth year in a row that the bank made a profit.

The bank has benefited along with its peers from the global rise in interest rates, which can widen the profit margin between what the bank pays in interest and what it can earn.

CEO Christian Sewing said the results "demonstrated impressive resilience in a difficult environment, expanded our business and showed everyone that our bank is consistently profitable".

Revenues increased by 6.8%, to 28.9 billion euros. The company announced that it would increase its dividend to 45 euro cents per share from 30 cents per share and put more money into the hands of shareholders by buying back 675 million euros of shares by the end of June.


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