Deutsche Bank to cut 3,500 jobs

German bank becomes latest global lender to target staff in post-pandemic cost reductions

Deutsche Bank is to cut 3,500 jobs, making it the latest global lender to target employees as part of post-pandemic cost reductions, amid a drop in profits.

The German bank said that while it had made progress on a €2.5bn (£2.1bn) cost-cutting programme that it first announced in 2022, it still needed to save €1.6bn of that total, meaning thousands of staff had to go.