Deutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.
Germany’s biggest bank produced solid earnings at a time when banks had to be rescued in the United States and in Switzerland. The turmoil caused investors to panic and customers to withdraw deposits, and the turbulence is continuing.
The jobs will come from across the bank but will be focused on senior non-client facing roles, executives said, describing the move as one of several measures to cut costs by an additional 500 million euros over the next few years. Deutsche’s staff totalled 86,712 at the end of the first quarter.
Deutsche Bank
Deutsche Bank sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange.
It was founded in 1870 and grew through multiple acquisitions, including Disconto-Gesellschaft in 1929 (as a consequence of which it was known from 1929 to 1937 as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank),: 580 Bankers Trust in 1998, and Deutsche Postbank in 2010.