Deutsche Bank will cut 3,500 jobs even as it records $4.5 billion profit last year

Deutsche Bank says it would cut 3,500 jobs as part of efforts to slash costs by about $2.7 billion through next year. Germany’s largest lender said Thursday that it would seek to streamline its marketing network and computer systems and software as it seeks to cut costs. The bank says the reduction in the number of positions would mostly be for jobs that don’t involve directly dealing with customers. The announcement came alongside the release of annual profit figures showing Deutsche Bank made $4.5 billion last year, a decline of 16% compared with 2022. It was, however, the fourth straight year in which the bank made a profit.