class=”sc-3778e872-0 cKDKQr”>
Germany’s largest financial institution announced in Frankfurt on Thursday it plans to save costs through “strict hiring restrictions in non-client areas” and “targeted layoffs in management positions”. In addition, the construction finance business will be facilitated and the technology center in Russia will become even smaller.
Profit before tax in the first quarter increased by 12 percent compared to the first three months of the previous year, reaching 1.85 billion euros. According to Deutsche Bank, this is the highest quarterly result since 2013. As a result, the big bank posted a net profit of around 1.16 billion euros, down from 1.06 billion euros a year ago.
CEO Christian Sewing said first-quarter results showed the bank was on the right track in “achieving or exceeding the targets set by the Board for 2025.” We want to implement our strategy even faster with the additional measures announced today.”
Additional cost savings should now reach 2.5 billion euros. A target of 2.0 billion euros has so far been targeted.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
