Deutsche Bank is to cut 3,500 jobs, making it the latest global lender to target employees as part of post-pandemic cost reductions, amid a drop in profits.
The German bank said that while it had made progress on a €2.5bn (£2.1bn) cost-cutting programme that it first announced in 2022, it still needed to save €1.6bn of that total, meaning thousands of staff had to go.
The bank revealed its pre-tax profits had tumbled 10% in the fourth quarter, largely due to restructuring costs and a write-down on its takeover of the UK stockbroker Numis, which it agreed to buy in October last year.
Barclays is slashing 5,000 jobs across its 84,000-strong global workforce in an effort to boost profits and appease shareholders.
Meanwhile, Lloyds Banking Group said last week it was planning to cut 1,600 staff from its branch network as it tried to reduce costs and push customers towards digital services as part of a corporate overhaul.
The announcement came weeks after Lloyds confirmed plans to slash nearly 3,000 middle-management roles including analyst and product management posts.
The original article contains 424 words, the summary contains 178 words. Saved 58%. I’m a bot and I’m open source!
This is the best summary I could come up with:
Deutsche Bank is to cut 3,500 jobs, making it the latest global lender to target employees as part of post-pandemic cost reductions, amid a drop in profits.
The German bank said that while it had made progress on a €2.5bn (£2.1bn) cost-cutting programme that it first announced in 2022, it still needed to save €1.6bn of that total, meaning thousands of staff had to go.
The bank revealed its pre-tax profits had tumbled 10% in the fourth quarter, largely due to restructuring costs and a write-down on its takeover of the UK stockbroker Numis, which it agreed to buy in October last year.
Barclays is slashing 5,000 jobs across its 84,000-strong global workforce in an effort to boost profits and appease shareholders.
Meanwhile, Lloyds Banking Group said last week it was planning to cut 1,600 staff from its branch network as it tried to reduce costs and push customers towards digital services as part of a corporate overhaul.
The announcement came weeks after Lloyds confirmed plans to slash nearly 3,000 middle-management roles including analyst and product management posts.
The original article contains 424 words, the summary contains 178 words. Saved 58%. I’m a bot and I’m open source!