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Deutsche bank's savings went up by nearly 5% after it announced its plans to cut 3,500 jobs within the next two years in a cost-cutting effort

Deutsche Bank Job Cuts: 3,500 Employees Impacted in Major Cost-Cutting Move

Amid cost-cutting initiative, Deutsche bank plans to cut 3,500 Jobs within the next two years

<h2>Deutsche bank's savings went up by nearly 5% after it announced its plans to cut 3,500 jobs within the next two years in a cost-cutting effort</h2>

Layoff:&nbsp;Germany's largest financial institution Deutsche Bank is going to cut 3,500 jobs within the next two years. This comes, as the bank is undertaking a strategic cost-reduction initiative.&nbsp;
"Cost discipline remains a high priority," AFP quoted the CEO Christian Sewing as saying in a message to Deutsche staff while praising the company&rsquo;s performance amid "an uncertain environment".&nbsp;
<h3>Deutsche Bank's Performance</h3>
The bank's shares went up by nearly 5%, once the job cuts were announced.&nbsp; The lender&rsquo;s net earnings witnessed a decline of 16% at 4.2 billion euros in 2023. The lender is pressing ahead with a 2.5-billion-euro efficiency push aimed at improving profitability. The bank recorded a pre-tax profit of nearly 5.7 billion euros which is the highest in the last 16 years.
The lender's operational expenses in 2023 included those on restructuring and severance. It amounted to 566 million euros. This was part of a savings and efficiency programme initiated in 2019.
Following the higher interest rate sanctioned by the European Central Bank, the&nbsp;bank saw a revenue surge of 6%, reaching 28.9 billion euros. As per CFO James von Moltke in a press conference said that the bank expects to spend nearly 400 million euros in 2024. The expenses would include restructuring costs and further severance packages.
<h3>Ambitious Plans for 2025</h3>
For 2025, the bank has laid out plans to get revenues of 32 billion euros and maintaining the operational cost at around 20 billion euros. The bank also plans to increase the dividends of 0.45 euro per share for 2023, marking a 50% increment from the previous year.&nbsp;
Meanwhile the CEO added that the bank is aiming to pay a dividend of one euro per share for the financial year 2025.
Also Read: <a href="https://www.editorji.com/business-news/markets/paytm-shares-plummet-another-20-amid-rbi-restrictions-company-addresses-concerns-in-conference-call-1706849918878">Paytm shares plummet another 20%; here&rsquo;s what Vijay Shekhar Sharma said</a>

Deutsche India is to expand operations with a focus on AI, machine learning, and cloud migration, the company aims to deliver innovative products

Deutsche India to expand operations and plans to hire thousands 

Deutsche India is to expand operations with a focus on AI, machine learning, and cloud migration, the company aims to deliver innovative products

Amid layoffs by many companies especially in the tech sector, Deutsche India, the technology centre of German investment bank Deutsche Bank, is set to expand its tech operations across the country and hire a significant number of professionals, aiming to support its ongoing digital transformation.
Speaking with Business Standard Dilipkumar Khandelwal, Chief Executive Officer of Deutsche India and Global Head of Technology Centers, said that the organization has already recruited over 2,500 individuals for Deutsche India since January 2023.
Khandelwal further expressed optimism, stating that this positive trend is expected to continue throughout the remainder of the year. Looking ahead, he also affirmed the intention to maintain a similar hiring range for the next year.
With a current workforce of approximately 16,000 employees in the country, the majority of them being engineers, Deutsche India is reinforcing its position as a major employer in India's technology sector.
As the banking industry undergoes digital transformation, Deutsche India recognizes the need for professionals skilled in areas such as cloud migration, artificial intelligence (AI), and machine learning. Khandelwal emphasized the importance of these emerging technologies, stating, "We feel AI and machine learning will have an impact across all the different dimensions of our products and that basically means that we need to upskill and build people in that direction." To meet this demand, the company is actively hiring individuals proficient in data science, statistics, and critical skills like AI and machine learning.&nbsp;
The India center, Deutsche Bank's largest within its global network, plays a pivotal role in the bank's technology transformation by leveraging emerging technologies to deliver innovative products and services to clients. It operates in conjunction with other technology centres located in Europe and the United States.
Deutsche India's expansion plans and robust hiring demonstrate the bank's commitment to embracing technological advancements and harnessing the potential of AI and machine learning.&nbsp;
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Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced Friday. The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release. In addition to criminal fines, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
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Deutsche Bank to pay $130 mn to settle fraud case

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced Friday.

Deutsche Bank will pay $130 million to settle a foreign bribery probe and fraud charges in precious metals trading, US officials announced Friday. The bribery case relates to illegal payments and to false reporting of those sums on the bank's books and records between 2009 and 2016, the Department of Justice said in a press release. In addition to criminal fines, Deutsche Bank agreed to cooperate with government investigators under a three-year deferred prosecution agreement.
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Global banks named in Suspicious Activity Reports

Several global banks including&nbsp;HCBC, JP Morgan, Standard Chartered, etc have been named in&nbsp; Suspicious Activity Reports for moving more than $2 trillion of allegedly illicit funds

HSBC&nbsp;and Standard Chartered's&nbsp;Hong Kong shares dropped on Monday after some reports said that they and several other global banks moved large sums of allegedly illicit funds over nearly two decades despite red flags about the origins of the money.
BuzzFeed and other media reports were based on leaked Suspicious Activity Reports (SARs) filed by banks and other financial firms with the US Department of Treasury.
The International Consortium of Investigative Journalists (ICIJ)&nbsp;reported that the files contained information about more than $2 trillion worth of transactions between 1999 and 2017, which were flagged by internal compliance departments of financial institutions as suspicious.
Five global banks appeared most often in the documents - HSBC, JPMorgan, Deutsche Bank, Standard Chartered and Bank of New York Mellon, the ICIJ reported.

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