"Deutsche Bank Announces 3,500 Job Cuts and Profit Boost"
Deutsche Bank is cutting 3,500 jobs in non-client-facing areas as part of its plan to reduce operational costs by 2.5 billion euros by 2025. The bank aims to achieve these savings through measures such as simplified workflows and automation. Despite reporting a rise in profit before tax to 5.7 billion euros in 2023, the bank is seeking to save an additional 1.6 billion euros. This move comes after Citigroup announced its plan to cut 20,000 jobs earlier this month, reflecting ongoing efforts within the banking sector to streamline operations and reduce costs.