Deutsche Bank's total profit for 2023 was 4.9 billion euros, down 14 percent compared to the previous year.
Although the bank had previously announced to reduce the number of staff, no clear figure had been announced regarding the layoffs.
The Frankfurt-based bank, which has a total of 90,000 employees, will mainly affect those working in management, accounting, operations and similar support service units.
It was stated that the layoffs, which are expected to be completed within this year, will be made for "cost reduction".
Meanwhile, it was noted that the repayment to be made to investors this year will reach 1.6 billion euros in total and this payment will be realized in the first half of the year.
The statement also said that the bank raised its revenue growth expectations.
The announcement and earnings come at an important juncture for Deutsche Bank.
The bank's retail unit overtook the investment bank as the main source of revenue last year.
According to economic analysts, it also reversed the decline it experienced in the previous three years as it benefited from high interest rates and weakening global agreements.
Deutsche Bank's total profit for 2023 was 4.9 billion euros, down 14 percent compared to the previous year.
The drop in quarterly (October, November, December 2023) profits was the biggest since Germany's largest bank recently stabilized after years of losses.
Fixed income and foreign exchange trading revenues, one of the bank's largest business lines, increased by 1 percent in the same period, against expectations of a 7.5 percent increase.
Germany's Banking Regulation and Supervision Agency (BaFin) warned recently that 2024 "will not be bright" for bank profits as the real estate crisis worsens and credit deteriorates in Europe's largest economy.
