FRANKFURT—Deutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.
Germany’s biggest bank produced solid earnings at a time when banks had to be rescued in the United States and in Switzerland. The turmoil caused investors to panic and customers to withdraw deposits, and the turbulence is continuing.
The latest effort to trim Deutsche’s workforce reverses a staff buildup of recent quarters.
“We need to further speed up and that’s what we are doing,” Deutsche Bank Chief Executive Officer Christian Sewing told reporters when asked about the cuts….