Deutsche Bank says it would cut 3,500 jobs as part of efforts to slash costs by about $2.7 billion through next year.

Deutsche Bank says it reaped its best annual profit in 10 years last year.

(AP Photo/Michael Probst)FRANKFURT – Deutsche Bank made a profit of 624 million euros ($748 million) during the pandemic year 2020 as bond trading revenues grew and the German bank met its target for cutting costs. The yearly net profit compared to a loss of 5.26 billion euros in 2019, when earnings were hit by large one-time charges. For the fourth quarter of 2021, the bank made net profit of 189 million euros. The bank reduced non-interest expenses by 15% to 21.2 billion euros and has cut costs for 12 straight quarters, management said in a statement Thursday. Revenues for the year rose 32% to 9.3 billion euros at the investment banking division, boosted by a 28% jump in trading fixed income securities and currencies.

FRANKFURT – Deutsche Bank reported its third straight quarterly profit amid continuing government financial help for businesses during the coronavirus pandemic and as revenues rose at its investment bank division. CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business and cutting employee numbers. Chief financial officer James von Moltke said the government efforts to help businesses bridge the pandemic had helped. Money that had to be set aside to cover loans that aren’t being repaid increased 56% to 273 million euros in the quarter from the year-ago quarter, but fell from 761 million euros in the previous quarter. It continued to shed employees, lowering headcount to 87,000 at the end of the July-September quarter from 90,000 a year earlier.