Deutsche Bank plans to strip out another 3,500 jobs over this year as the German lender pushes for cost savings after its annual profit slipped by 14%.

The bank said it would cut thousands more roles over 2024-25 as it looks to reduce costs by €2.5bn, although it said these reductions would primarily be in non-revenue generating roles. The reductions follow a hiring spree at Deutsche within its investment bank, as it has brought in scores of senior dealmakers over the past 12 months.