Deutsche Bank Slashing 3,500 Jobs to Improve Operational Efficiency

Deutsche Bank plans to lay off approximately 3,500 employees — mainly in “non-client-facing areas.”

What’s happening at Deutsche Bank?

In its Q4 2023 earnings release, the bank said it plans to implement additional cost-cutting measures to improve its operational efficiency.

“[At] year-end 2023, savings either realized or expected from completed efficiency measures grew to [$1.8 billion], with around [$1.3 billion] in savings realized to date, including [more than $508 million] in 2023,” the release reads.

The job cuts are part of the company’s efforts to reach its goal of $3.6 billion in savings.

“The vast majority of these [additional] measures are expected to be reflected in the adjusted cost run-rate in 2025.”

Deutsche Bank reportedly employs a total workforce of approximately 90,000 people.

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Impact on Canadian staff

It remains unclear if any Canadian employees will be affected by the reduction at Deutsche Bank.

According to the bank’s LinkedIn page, it has more than 230 workers in the country.

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