Deutsche Bank is to cut 3500 jobs as part of an ongoing operational efficiency drive.
The German Bank, which has reported a 14% drop in net profits to €4.9 billion, is currently engrossed in a €2.5 billion operational efficiency programme.
As at year-end 2023, savings either realised or expected from completed efficiency measures grew to €1.3 billion, with around €900 million in savings realised to date including approximately €350 million in 2023.
The bank expects the programme’s remaining savings of €1.6 billion to be driven by measures relating to infrastructure and technology efficiencies, including application de-commissioning and operating model improvements; optimisation of the bank’s platform in Germany; and front-to-back process redesign, including simplified workflows and automation.
The bank says the measures are expected to lead to a reduction of approximately 3,500 roles, mainly in non-client-facing back office areas.