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.

Deutsche Bank and other financial institutions have gained from the global rise in interest rates, which can increase their profit margins.

Chief executive Christian Sewing said the results “demonstrated impressive resilience in a difficult environment, expanded our business and showed everyone our bank is sustainably profitable.”

Security workers at most of Germany’s major airports will stageda one-day strike tomorrow to step up pressure on bosses in a pay dispute, causing widespread flight cancellations.

The strike by members of the ver.di union affected 11 airports: Frankfurt, Berlin, Cologne, Duesseldorf, Hamburg, Stuttgart, Leipzig, Hannover, Dresden, Bremen and Erfurt.