Deutsche Bank is planning to cut around 3,500 jobs worldwide by the end of next year, mainly in non-client-facing roles.
The German bank, which employs 90,000 staff worldwide including around 7,000 in the UK, has not yet confirmed when the job losses will take place and whether any UK roles will be affected.
It is the latest in a string of financial services providers to reveal redundancy plans over the past few months. Similar announcements have been made by Citigroup, Barclays and Lloyds Banking Group, which are all looking to slash costs via restructuring their teams.
Deutsche Bank saw revenue grow by 6% in 2023 to € 28.9bn (£24.6bn). Its pre-tax profit rose 2% to €5.7bn, but net profit fell by 14% compared with 2022.
Deutsche Bank job cuts
Announcing its full-year results yesterday (1 February), Deutsche Bank said it was looking to save money by improving efficiency. This would involve “front-to-back process redesign, including simplified workflows and automation”.
It said: “The vast majority of these measures are expected to be reflected in the adjusted cost run-rate in 2025. The measures are expected to lead to a reduction of approximately 3,500 roles, mainly in non-client-facing areas.”
It employed 90,130 full-time equivalent staff at the end of 2023, an increase of 871 during the fourth quarter.
It recently expanded its UK footprint by acquiring investment bank Numis, which added 292 FTE staff to the organisation.
In a message to staff, chief executive Christian Sewing said cost control continued to be a high priority for the bank.
“Our goal is to arrive at a cost level that means the bank is protected against external influences in an uncertain environment. That’s why we implemented further efficiency measures in 2023, the impact of which we expect to start seeing this year,” he said
“We are at an inflection point from which we can start reducing our costs again. We will only succeed, though, if we make cost discipline an intrinsic part of how we do business – every day.”
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