Deutsche Bank to cut 3,500 jobs

Following this announcement, the German financial institution mentioned that the decision was made in order to simplify operations and automate work where possible, with the overall aim to result in a major hit to its back-office workforce. 

As the bank made progress on EUR 2.5 billion cost-cutting programme, plan announced back in 2022, officials of the financial institution also mentioned that it still needed to save EUR 1.6 billion of that total. This process resulted in multiple staff and employees being reduced from Deutsche Bank, mainly part of the non-client-facing areas.  

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More information on the announcement

Previously, Deutsche Bank announced its plan to cut jobs as part of its efficiency drive, but until now it had not given a figure. At the time, the bank did not make clear how many of its staff based in London might lose their jobs as a result. 

At the same time, the financial institution revealed that its pre-tax profits tumbled to 10% in Q4 2023, largely because of the restructuring costs, as well as the write-down process on its takeover of the UK stockbroker Numis. This took place in October 2023, when the bank agreed to acquire it. The full-year pre-tax profits also rose to 2%, approximately EUR 5.7 billion. However, Deutsche Bank’s shares were up to approximately 4% in morning trading, as it provided the bank with an optimised outlook for revenues. 

Deutsche Bank represents one of the global financial institutions that made the decision to reduce several jobs over the past year. This event took place particularly after a downturn in market conditions that hit the deal-making process, as well as a shift in client behavior that convinced multiple users to bank online. 

Included in this list are multiple US lenders, such as Citibank (which announced to cut 20,000 jobs by the end of 2026 as part of a restructuring programme), Lloyds Banking Group (which mentioned its plan to cut 1,600 staff from its branch network in order to reduce costs and push customers towards digital solutions), as well as Barclays (which decided to cut 5,000 jobs in an effort to optimise its profits and appease shareholders).