Deutsche Bank to lay off 3,500 employees

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.

While the bank made progress on this goal, it noted that it was still seeking to save 1.6 billion euros, or $1.7 billion. These savings will be driven by various measures "including simplified workflows and automation," the bank said. ---More...