The Frankfurt bank reported Thursday a pre-tax profit of 1.9 billion euros in the first quarter, up 12% year on year, and a net result of 1.16 billion euros to close. share among shareholders.
Performance exceeding analysts’ expectations and obtained in addition while in March, a series of bank failures in the United States, then the fall of Credit Suisse, taken over urgently by UBS, raised fears of a financial crisis. The action Deutsche Bank, then down significantly on the stock market, had once again become the target of speculators.
Staff reduction
In order to further increase its profitability, the bank increased by 500 million euros, to bring it to 2.5 billion euros, its initial objective of reducing expenses. This decision will include the reduction of “5% of senior staff“in services that are not directly related to customers, either”about 800 people“, specified the boss of the group Christian Sewing.
The bank had around 86,700 full-time employees at the end of March, or 3,700 more over one year, after a strong cream skimming carried out between 2019 and 2022 by refocusing on European operations.
The cost cuts announced Thursday will also include streamlining the mortgage product platform and continuing to downsize the technology center in Russia.
2023-04-27 13:46:26
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