Posted 2/1/2024, 11:53:53 AM
Deutsche Bank to Cut 3,500 Jobs Despite Profitable 2022 as Part of $2.7 Billion Cost-Cutting Plan
- Deutsche Bank will cut 3,500 jobs as part of a cost-cutting plan to save $2.7 billion through 2024
- The bank reported a $4.5 billion profit in 2022, down 16% from the previous year but its 4th straight profitable year
- Job cuts will target non-client-facing roles and aim to streamline marketing, IT systems, and software
- Revenue grew 6.8% to $28.9 billion in 2022 as the bank benefited from rising global interest rates
- Deutsche Bank raised its dividend by 50% to 45 euro cents per share and will buy back $675 million in shares by mid-2023