Deutsche Bank Logs 11th Consecutive Quarterly Profit and Announces Job Reductions

Deutsche Bank has reported its 11th consecutive quarterly profit, with a net income of 1.158 billion euros ($1.28 billion) for the first quarter of 2021. This is an increase from the same period last year when profits were at 877 million euros ($979 million). The bank also announced that it plans to cut 18,000 jobs worldwide by 2022 to reduce costs and improve efficiency as part of its “Strategy 2025” plan.

The job cuts will be focused on areas, such as retail banking and technology services, while other areas like capital markets trading are expected to remain relatively unscathed due to their strong performance during the pandemic-induced market volatility this past year. Deutsche Bank CEO Christian Sewing said that despite these changes, they would continue investing in digital transformation initiatives, which have been key drivers for revenue growth over recent quarters and will help them prepare for future challenges ahead.

The bank’s financial results show that they have made significant progress towards achieving its strategic goals since launching Strategy 2025 two years ago; however, there is still more work needed if they want to reach its long-term objectives of becoming one of Europe’s leading banks once again after years struggling through various scandals and legal issues before 2020.