Deutsche Bank announced it will lay off 3,500 employees as part of ongoing cost-cutting measures. The bank aims to reduce operational costs by $2.7 billion by 2025 through measures like simplifying workflows and automation. The layoffs will mainly impact non-client-facing roles. Deutsche Bank reported its highest profit before tax in 16 years in 2023 at $6.1 billion, though net profit fell 14 year-over-year. Despite economic challenges, global banks have benefited from rising rates, with the sector profiting an estimated $280 billion in 2022 alone.