Deutsche Bank simplifies workflows, automation to reduce headcount

Deutsche Bank is reducing costs bankwide through automation and technology efforts. The $578 billion, Germany-based bank is using simplified workflows and automation on the front end and application decommissioning and operation model improvements on the back end, Chief Executive Christian Sewing said during today’s Q4 earnings call. Through the automation and technology efforts, the $578 billion Germany-based bank has reduced its footprint and headcount over the past year, according to its earnings supplement. The total number of branches fell 7% year over year in the fourth quarter to 1,432 and the bank announced it is eliminating 3,500 jobs in the years ahead, according to today’s release. Total headcount at the bank was 90,130 employees to close Q4, according to the earnings report. BIGGER PICTURE: Cost savings are an ongoing effort at Deutsche Bank as the it aims to save 2.5 billion euros ($2.6 billion) annually by 2025 , according to the bank’s October Q3 2023 earnings supplement. The bank saved $759 million on technology and infrastructure costs by eliminating outdated applications and $325 million by front-end automation in Q4, Sewing said. BY THE NUMBERS: Deutsche Bank reported in Q4: Adjusted costs, including information technology spend, increased 8.6% YoY to $5.7 billion; and Quarterly net revenue increased 5.4% YoY to $31.3 billion. NOTEWORTHY: In Q4, the bank explored generative AI within its operations and looked to third-party vendors to develop the technology, a Deutsche Bank spokesperson previously told Bank Automation News. The spokesperson told BAN : Gen AI could support the following uses at Deutsche Bank: Software coding; AI chatbot support; and Faster risk calculations. [stock_market_widget type="inline" template="generic" assets="DB" markup="{name} ({symbol}) is trading at {price} ({change_pct}) as of {last_update}" api="yf"]. Editor’s Note: All figures have been converted to U.S. dollars . This is the final week to register for an early-bird discount to attend Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.

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Deutsche Bank simplifies workflows, automation to reduce headcount

Bank to eliminate 3,500 jobs

BNP has 300 AI use cases in the pipeline through 2025

ING Bank invests in digital infrastructure in 2023

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