Deutsche Bank announced plans to cut 2,000 jobs in its retail banking division, citing a need to improve profitability amid falling profits. This follows the bank's previous layoffs of 3,500 support staff and plans to close numerous branches. Concurrently, Germany is experiencing a rise in unemployment, driven by job cuts across several large firms, particularly in the industrial sector. A recent survey indicated many German companies intend to reduce their workforce, contributing to a continuing economic downturn and increasing joblessness for the third year in a row.
Christian Sewing, Deutsche Bank's CEO, highlighted the need to enhance profitability in the retail personal bank segment in Germany by announcing a reduction of 2,000 jobs due to decreased profits.
Enzo Weber noted that Germany's stubborn economic downturn is increasingly affecting the labor market, resulting in rising unemployment for the third consecutive year.
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