Deutsche Bank will lay off 800 employees in a new cost-cutting plan after it released a better-than-market first-quarter result on Thursday.
Germany’s largest bank posted a solid result at a time when financial institutions need to be bailed out in the US and Switzerland. The turmoil undermined investor and customer confidence in the banking sector.
“We have to accelerate and that’s what we’re doing,” Deutsche Bank chief executive Christian Sewing told reporters when asked about the layoffs. The bank had approximately 87,000 employees at the end of the first quarter.
The bank’s profit in the first quarter was 1.158 billion euros compared to a positive result of 1.060 billion a year earlier. Analysts, on average, had forecast Deutsche Bank a profit of about 977 million euros in the first quarter.
Source: Terra
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