Deutsche Bank announces 3,500 layoffs

The cut will take place between 2024 and 2025. The German bank recorded a drop in net profits of 30% in the last quarter of 2023.

Sede de Deustche Bank en Frankfurt (Alemania) — (Thomas Wolf / Wikimedia Commons)

Published by

Alejandro Baños

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Topics:

Deutsche Bank

Germany's main bank and one of the most important in Europe, Deutsche Bank, will lay off around 3,500 employees between the remainder of 2024 and 2025, after the workforce grew by more than 5,000 workers in the last year. Those affected do not correspond to customer-oriented areas.

The news comes on the same day that the German bank released its 2023 results balance sheet. Deutsche Bank reported gross profits of $6.15 billion (€5.7 billion) in 2023, Deutsche Bank CEO Christian Sewing said in a statement:

We reported pre-tax profit of 5.7 billion euros for 2023. That’s a slight increase on 2022. Our post-tax profit fell over last year, but this is due to tax effects in both years, where the positive impact in 2022 was greater.

On the other hand, in the fourth quarter of the year, the German bank reported that it suffered a 30% drop in profits compared to the same period of the previous year. It obtained net profits between October 1 and December 31, 2023 of 1,400 million dollars (1,300 million euros), while in the same section of 2022 it registered 1,940 million dollars (1,800 million euros).