Deutsche Bank has announced plans to axe 3,500 roles from its workforce.

In its latest financial results, the bank said that the job cuts would largely be made from "non-client-facing areas".

The move comes as the company records a two per cent increase in pre-tax profits to € 5.7 billion for 2023.

The job cuts form part of Deutsche Bank's € 2.5 billion cost-saving operational efficiency programme, which saved € 1.3 billion last year.

The bank says it expects the remaining savings to be driven by measures relating to infrastructure and technology efficiencies, which will ultimately lead to job losses.

These measures include application de-commissioning and operating model improvements, optimisation of the bank's platform in Germany, and front-to-back process redesign, including simplified workflow and automation.

The end-of-year results also revealed that Deutsche Bank saw revenues jump by six per cent year-on-year to € 28.9 billion.

Commenting on the figures, chief executive of Deutsche Bank Christian Sewing, said: "We have achieved our highest profit before tax in 16 years, delivered growth well ahead of target and maintained our focus on cost discipline while investing in key areas. Our strong capital generation enables us to accelerate distributions to shareholders. This gives us firm confidence that we will deliver on our 2025 targets."

Following its worst quarter in 14 years, in January Citigroup chief exec Jane Fraser announced that the bank plans to cut 20,000 jobs over the next two years in a move that could save the organisation as much as $2.5 billion by 2026.

The bank last week reported losses of $1.8 billion in the last quarter. Citi’s financial difficulties were compounded by $4 billion of charges and expenses which includes $800 million tied to restructuring and costs associated with exposure to Russia and Argentina.

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