Deutsche Bank announced it will lay off 3,500 employees as part of ongoing cost-cutting measures. The bank aims to reduce operational costs by $2.7 billion by 2025 through measures like simplifying workflows and automation. The layoffs will mainly impact non-client-facing roles. Deutsche Bank reported its highest profit before tax in 16 years in 2023 at $6.1 billion, though net profit fell 14% year-over-year. Despite economic challenges, global banks have benefited from rising rates, with the sector profiting an estimated $280 billion in 2022 alone.
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00:00 It's Benzinga and here's what's on the block. Deutsche Bank announced it will lay off 3,500
00:04 employees as part of ongoing cost-cutting measures. The bank aims to reduce operational
00:08 costs by 2.7 billion by 2025 through measures like simplifying workflows and automation.
00:13 The layoffs will mainly impact non-client-facing roles. Deutsche Bank reported its highest profit
00:18 before tax in 16 years in 2023 as 6.1 billion, although net profit fell 14% year-over-year.
00:24 Despite economic challenges, global banks have benefited from rising rates,
00:27 with the sector profiting an estimated 280 billion in 2022 alone. The cuts follow Citigroup's recent
00:33 announcement of slashing 20,000 jobs as banks aim to boost efficiencies. Deutsche Bank's
00:37 shares rose nearly 6% on the news. For all things money, visit Benzinga.com.