Deutsche Bank to lay off 3,500 employees (2024)

FAQs

Deutsche Bank to lay off 3,500 employees? ›

Deutsche Bank is cutting 3,500 jobs as it aims to shave off billions in operational costs by 2025. On Thursday, the German investment bank announced that it made further progress on its operational efficiency program during 2023. The goal of the program is to cut costs by 2.5 billion euros, or about $2.7 billion.

Today's non-financial report from the German bank shows that staff turnover in the Americas fell to 11.1% last year. In 2021 and 2022 it was 20.6% and 20.2% respectively.

Deutsche Bank (XETRA: DBGn. DB / NYSE: DB) today announced profit before tax of € 2.0 billion for the first quarter of 2024, up 10% year on year. Post-tax profit was also up 10% year on year, to € 1.5 billion. Deutsche Bank's target ratios improved compared to the first quarter of 2023.

In 2023, Deutsche Bank had 90,130 employees worldwide. This is a drop from the average of roughly 100,000 employees the bank had starting in 2010.

Deutsche Bank plans to cut 3,500 jobs through 2025 — mostly back-office roles, the German lender said Thursday. The headcount trim includes 800 employees the bank cut last April as part of CEO Christian Sewing's previously announced €2.5 billion cost savings plan, Deutsche said. Cost cuts are hardly new to Sewing.

The highest-paying job at Deutsche Bank is a Managing Director with a salary of ₹100.0 Lakhs per year. The top 10% of employees earn more than ₹32.97 lakhs per year. The top 1% earn more than a whopping ₹63.15 lakhs per year.

One Deutsche Bank AG employee raked in more than €14 million ($15.2 million) last year, making them the best-paid person at the German lender in at least a decade.

Risk Analysis of Deutsche Bank AG ( DBK | DEU)

Deutsche Bank AG shows a Risk Score of 7.00. The Risk Score for Deutsche Bank AG is significantly higher than its peer group's.

The voluntary deposit guarantee fund of the Association of German Banks ( BdB ) guarantees deposits of private customers, partnerships and foundations that manage only private assets. These include sight deposits, time deposits and savings deposits, including registered savings bonds.

For the U.S., we forecast a full-year inflation rate of 4.2% for 2023 and 2.8% for 2024. If the U.S. economy achieves a soft landing, i.e. an economic slowdown without sliding into recession, the Fed could make its first interest rate cuts in June 2024. Overall, we expect up to three such cuts in the coming year.

What is the reputation of Deutsche Bank? ›

According to a 2020 article in the New Yorker, Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas.

With assets amounting to over 1.3 trillion U.S. dollars in 2021, it was the eighth largest bank in Europe, and the ninth largest investment bank globally.

Deutsche Bank AG cut the bonus pool for last year after a slump in deals and a trading slowdown. Germany's largest lender awarded €2.00 billion in variable compensation to staff for their work in 2023, it said in its annual report published Thursday.

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Deutsche Bank Interviews FAQs

Is it hard to get hired at Deutsche Bank? Glassdoor users rated their interview experience at Deutsche Bank as 65.5% positive with a difficulty rating score of 3.01 out of 5 (where 5 is the highest level of difficulty).

Turnover of bank deposits is calculated by dividing the total amount of charges drawn against the banks' deposit accounts, as represented by bank debits, by the average amount of deposits held during the same period. The turn over rate is generally calculated on an annual basis.

A new Payscale report published on Thursday ranked Massachusetts Mutual Life Insurance Company as having the highest turnover rate out of all of the Fortune 500 companies. Average employee tenure was a little over nine months.

Banks in the US are the best at retaining employees, according to recent analysis. Burhan Khadbai reports. US banks have the highest median tenure for employees, according to analysis from Resume.io, a careers resource platform.

The 2022 Crowe Bank Compensation and Benefits Survey polled 429 financial services organizations about salary and bonus benchmarks for 271 job positions. Key stat: In 2022, bank turnover at the nonofficer level reached 23.4%—its highest level since 2019.