Deutsche Bank is planning to close countless branches in the current year and remove around 2000 jobs. CEO Christian Sewing spoke on Wednesday at an industrial conference of a “considerable number of” affected branches. The costs for job losses have already been calculated.
The group continues its austerity course that has been active for years. Deutsche Bank had already closed countless branches in the past to lower the costs. Now this dismantling must continue.
Last year, Deutsche Bank made around 5.3 billion euros in profit before taxes, which was seven percent less than 2023. The net profit collapsed by 36 percent and was EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR E down. The main reason for this was the costs for the settlement of legal disputes, including with former Postbank shareholders.
Third job cuts in a short time
The announcement is part of a series of cancellations by large German companies. Audi only announced the reduction of 7,500 jobs on Monday. Siemens followed on Tuesday with the removal of 6,000 jobs, including 2850 in Germany.
Deutsche Bank’s planned measures are part of an extensive efficiency program that aims to reduce costs and to increase the profitability of the company.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
