Deutsche Bank to slash 3500 jobs

Deutsche Bank to slash 3500 jobs

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.

Comments: (1)

A Finextra member
A Finextra member 02 February, 2024, 17:06Be the first to give this comment the thumbs up 0 likes

Sounds like putting a fancy title of "Operational Efficiencies" on a simple case of cost cutting exercise.