Deutsche Bank Reports 11th Consecutive Quarterly Profit Amid Job Cuts.

Deutsche Bank reported a net profit of €1.158bn ($1.28bn) for Q1 2022, marking its 11th straight quarter of profit after completing a restructuring plan aimed at cutting costs and improving profitability. The bank also announced job cuts for non-client facing staff and a sharper-than-expected 19% YoY fall in investment bank revenues. However, corporate bank net revenues came in at €2bn for the quarter, up 35% YoY, and the highest quarterly figure since the launch of its transformation program. Deutsche Bank aims to accelerate execution of its strategy through a number of measures, including raising operational efficiency, boosting capital efficiency, and seizing opportunities to outperform on revenue growth targets.