Deutsche Bank Layoffs: Ever since the banking crisis started in America, there has been an atmosphere of uncertainty in the banks around the world. After the sinking of Silicon Valley Bank of America, Signature Bank and Credit Suisse Bank of Switzerland were also in trouble. After this, concerns were also raised about the economic condition of Germany’s largest bank Deutsche Bank, but the bank has earned more profit than expected in the first quarter. Even after this, Deutsche Bank has made a plan to lay off 800 employees to cut down on its expenses.
The CEO said this on retrenchment
According to a Reuters report, Germany’s largest banks have achieved good results when banks in the US and Switzerland are struggling to stay afloat. Deutsche Bank has made a plan for retrenchment of employees (Deutsche Bank Layoffs) so that it can cut its expenses in this environment. On the question raised on retrenchment, Deutsche Bank Chief Executive Officer Christian Swing said that we will implement the retrenchment decision more quickly and this decision is the need of the hour.
The focus is on cutting costs
CEO Christian Swing said that through this retrenchment, the bank will be able to save 500 million euros in expenses. Apart from layoffs, the company is also planning to cut costs in different ways. According to the report published in Business Today, the bank has a total workforce of 86,712 people by the end of the first quarter.
Bank’s performance better than expected
Talking about the performance of Deutsche Bank, it has been in profit for the 11th consecutive quarter. In such a situation, this performance in the banking sector is considered very good at this time. In the just ended first quarter, total profit to shareholders was 1.158 billion Euros. This profit is much better than expected. At the same time last year, during this period, the bank’s shareholders got a total profit of 1.060 billion euros.
After the better performance of the bank, the CEO issued a memo to his employees and said that we have achieved these results after hard work. Significantly, while the profit of the bank has increased, on the other hand, a total decline of 19 percent has been registered in its investment banking revenue. In such a situation, JP Morgan has termed the results of this quarter as ‘mixed’.