Deutsche Bank achieved its highest quarterly profit in a decade in Q1, driven by increased interest rates and a flow of funds into the bank's asset management business during the banking sector turmoil, according to Financial Times. The bank reported pre-tax profits of €1.9 billion, surpassing analysts' estimates of €1.7 billion. Deutsche Bank's net profit increased by 8% to €1.3 billion, while net revenue rose by 5% to €7.7 billion. The bank's cost-to-income ratio was 71% in Q1. Deutsche Bank is accelerating its cost-cutting measures and has increased its target for savings to be made from €2 billion to €2.5 billion. The bank plans to reduce its workforce by 800 employees, mainly in managerial positions, who do not work with clients. As of the end of Q1, Deutsche Bank had 86,712 employees.
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