DEUTSCHE Bank announced 3,500 job cuts today, even though its profits have been boosted by higher global interest rates.

The bank, which is Germany’s largest lender, said it would streamline its marketing network and computer systems to slash costs by €2.5 billion (£2.1bn) next year. It said the job cuts would mostly affect staff who don’t deal with customers.

The announcement coincided with annual profit figures showing that Deutsche Bank made €4.2bn (nearly £3.6bn) last year, a decline of 16 per cent from 2022. It was the fourth successive year in which the bank made a profit.