Deutsche Bank is cutting 3,500 jobs as it pushes ahead with a plan to reduce costs by €2.5 billion ($2.7 billion) by 2025. Deutsche Bank also reported that 2023 profit before tax rose 2% on the previous year to €5.7 billion ($6.1 billion) — its highest level in 16 years. The bank said it would return €1.6 billion ($1.7 billion) to shareholders in the first half via dividends and share buybacks. Citibank (C) said earlier in January that it would cut 20,000 jobs over the next two years, saving $2.5 billion in the long term. UBS (UBS), meanwhile, is shedding 3,000 jobs in Switzerland alone as it absorbs Credit Suisse, with more cuts anticipated elsewhere.

Source: CNN February 01, 2024 10:10 UTC