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Deutsche Bank Cuts 111 Senior Roles in Cost-Cutting Drive, Invests €571m in India Operations

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Deutsche Bank has reportedly dismissed 111 senior executives in its private wealth and retail banking sections as part of its latest cost-reduction efforts, according to a report by the Financial Times. The cuts primarily impact high-earning global managing directors and directors within Deutsche Bank’s private banking division, a move designed to help the German bank reach its ambitious cost-cutting targets for the coming years.

The private wealth and retail unit is under particular scrutiny as Deutsche Bank seeks to bring the division’s cost-to-income ratio down to between 60% and 65% by 2025. This would represent a significant improvement from approximately 80% in 2023 and 77% during the first nine months of this year. The bank’s private banking division currently accounts for only 23% of its total profits, despite contributing around 31% of overall revenue, prompting concerns about its efficiency.

To support these cost-cutting goals, Deutsche Bank has not only reduced senior management positions but also introduced a series of operational changes under the leadership of Claudio de Sanctis, head of private banking. De Sanctis, who took over amid the departure of two previous private banking heads, has committed to enhancing the division’s profitability and trimming expenses. His restructuring efforts have included merging multiple management levels, shutting down 300 branches across Germany, and slashing spending on external consultants. In addition, Deutsche Bank has cut front-office roles, focusing resources on revenue-generating functions.

Despite the downsizing, de Sanctis has indicated plans to expand the bank’s wealth management team in 2024, signaling a targeted approach to strengthen specific growth areas within the private banking division.

Meanwhile, Deutsche Bank has announced a substantial investment in its Indian operations, allocating approximately €571 million to support growth in the country’s expanding financial sector. The funds will be directed toward enhancing the bank’s capabilities in sustainable finance and digital transformation, two areas seen as pivotal for Deutsche Bank’s growth in India.

In a press release on Deutsche Bank’s website, Alexander von zur Muehlen, the bank’s CEO for Asia Pacific, EMEA, and Germany, highlighted India’s potential as a beneficiary of global trends such as shifting supply chains, increased digitization, and geopolitical realignment. “India is well positioned to benefit substantially from many of today’s most important trends,” von zur Muehlen said, underscoring the strategic importance of the investment for Deutsche Bank’s long-term growth in the region.

Kaushik Shaparia, CEO of Deutsche Bank Group India, further emphasized the investment’s significance, describing it as a “validation of confidence” in the bank’s business model and growth potential in India. He added, “As a Global Hausbank, we continue to see opportunities for us to work ever more closely with our clients, to support them with best-in-class services and advice.”

As Deutsche Bank undertakes a comprehensive restructuring in its core European operations, the substantial investment in India indicates the bank’s intent to capture growth opportunities in high-potential markets while navigating cost challenges at home.

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Top Jobs in the UK for 2025: Teachers, Solicitors, and AI Engineers Lead the Way

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School teachers, solicitors, and AI engineers are among the most in-demand professions in the UK for 2025, according to a new report by global hiring platform Indeed. The analysis, based on job posting trends from 2023 to 2024, highlights high-growth roles across key sectors including education, healthcare, and technology.

School teachers top the ranking, experiencing a staggering 245% increase in job postings. This surge reflects the ongoing teacher recruitment and retention crisis, as reported in the 2024 Teacher Labour Market in England Annual Report. The report warns of a critical shortfall in teacher supply, with recruitment reaching just half of its target for 2023/24 and further declines expected for 2024/25 in secondary education.

Solicitors and Healthcare Roles See Significant Growth
Property solicitors claimed the second spot with a 111% rise in job postings, driven by growing demand in the legal sector. Employment solicitors also featured in eighth place with 93% growth.

Healthcare roles held two spots in the top 10. Doctors, specifically General Medicine Registrars, ranked seventh with a 95% increase in postings, while paediatricians secured ninth place with 91% growth. These roles highlight the persistent need for medical professionals, a trend consistently observed in Indeed’s annual job rankings.

AI/ML Engineers Make Their Debut
For the first time, Artificial Intelligence (AI) and Machine Learning (ML) engineers appeared on the list, claiming the 10th spot with an 86% increase in job postings. These specialists design and deploy machine learning models, driving innovation in areas such as automation, natural language processing, and computer vision. With an average salary of £68,560 (€81,163), AI/ML engineers are among the highest-paid professionals on the list.

Danny Stacy, Head of Talent Intelligence at Indeed, said the rankings reflect both traditional and emerging career opportunities. “This list highlights the demand for essential roles such as teachers, doctors, and solicitors while showcasing growth in emerging industries like artificial intelligence and machine learning,” he said.

High Earning Potential Across the Board
Paediatricians top the salary rankings with an average annual pay of £106,048 (€125,547), followed by commercial directors (£81,802) and AI/ML engineers. The rankings considered roles with salaries above £37,430 (€44,306), the median annual earnings for full-time employees in 2024, according to the Office for National Statistics (ONS).

Top 10 Jobs in the UK for 2025

  1. School teacher: 245% growth / £39,356
  2. Property solicitor: 111% growth / £52,929
  3. Commercial director: 108% growth / £81,802
  4. Project estimator: 102% growth / £38,854
  5. Senior user interface designer: 100% growth / £56,577
  6. Registered children’s manager: 97% growth / £43,959
  7. Doctor (General Medicine Registrar): 95% growth / £72,902
  8. Employment solicitor: 93% growth / £55,315
  9. Paediatrician: 91% growth / £106,048
  10. AI/ML engineer: 86% growth / £68,560

These findings serve as a roadmap for jobseekers navigating the evolving job market, highlighting sectors with promising career paths and strong earning potential.

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Richemont’s Strong Quarterly Results Boost European Luxury Stocks

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Richemont reported impressive quarterly results on Thursday, driven by festive season sales, even as weak demand in China weighed on performance. The Swiss luxury goods giant’s robust earnings sent ripples through the European luxury sector, lifting share prices of major rivals.

Richemont’s stock surged over 16% to reach a record high of ₣161.8 (€172.45) on the Zurich Stock Exchange, marking its largest intraday gain since October 2008. The company has been a standout performer, with its share price up 21% in 2024, contrasting sharply with declines seen in other major luxury players such as LVMH and Kering last year.

Strong Fiscal Third-Quarter Performance

For the fiscal third quarter of 2025, Richemont reported sales revenue of €6.2 billion, a 10% increase year-on-year, exceeding analyst expectations. While sales in mainland China, Hong Kong, and Macau collectively fell by 18%, resulting in a 7% decline in the Asia-Pacific region, robust growth in Europe, the Americas, Japan, and the Middle East & Africa offset the weakness.

European revenue surged by 19%, bolstered by increased domestic demand and higher tourist spending from North America and the Middle East. The Group’s Jewellery Maisons—Buccellati, Cartier, Van Cleef & Arpels, and Vhernier—achieved 14% growth, driven by iconic jewellery and watch collections during the festive season.

However, Specialist Watchmakers experienced an 8% drop in revenue year-on-year, reflecting the challenges in the Asia-Pacific market. Despite this, strong growth in the Americas and the Middle East & Africa mitigated the impact, reducing the year-to-date segmental decline to 16%.

Year-to-Date Highlights

For the nine months ending December 31, 2024, Richemont recorded a 4% increase in sales at constant currency, with net cash rising to €7.9 billion from €6.8 billion in 2023. The company ended the fiscal year 2024 with record full-year sales of €20.6 billion, though quarterly sales dipped by 1% due to the Asia-Pacific slowdown.

CEO Nicolas Bos, who took over in June 2024, is credited with steering the group toward growth in alternative markets, mitigating the effects of weakened Chinese demand, a factor emphasized by former chairman Johann Rupert.

Luxury Sector Optimism

Richemont’s results buoyed the Euro Stoxx 600 Luxury Ten Index (STXLUXP), which rose nearly 7% on Thursday. Stocks of rivals LVMH, Hermès, Christian Dior, and Kering gained 9%, 4.9%, 8.6%, and 6%, respectively.

Analysts are divided on whether the downturn in Chinese luxury spending is cyclical or structural. With China accounting for a significant portion of the Asia-Pacific market, brands heavily reliant on Chinese consumers may face continued challenges in 2025. However, optimism surrounding Richemont’s results has injected renewed confidence into the sector ahead of upcoming earnings reports.

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Germany’s Inflation Rate Hits 2.6% in December Amid Economic Struggles

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Germany’s year-on-year inflation rate for December was confirmed at 2.6%, according to the Federal Statistical Office, marking the third consecutive month of growth and the highest rate since January 2024. The increase was driven primarily by rising services and food prices, leaving inflation above the European Central Bank’s (ECB) 2% target.

Key Drivers of Inflation

Services prices surged at an annual rate of 4.1% in December, slightly higher than November’s 4%. Food prices also saw an uptick, climbing to 2% from 1.8% in the previous month. Meanwhile, energy prices, which had been declining, fell at a slower pace in December, recording a decrease of 1.6%, compared to a 3.7% drop in November.

Month-on-month inflation also rose, reaching 0.5% in December, up from a decline of 0.2% in November and exceeding preliminary estimates of 0.4%.

For the entire year of 2024, the average inflation rate stood at 2.2%, a significant drop from the 5.9% recorded in 2023. Core inflation, which excludes volatile items such as food and energy, fell to 3% in 2024 from 5.1% the previous year.

Economic Contraction Continues

Germany’s economy shrank by 0.2% in 2024, following a 0.3% contraction in 2023, according to recently released gross domestic product (GDP) data. The contraction reflects ongoing challenges in key sectors.

Manufacturing output declined by 3% in 2024, weighed down by sluggish performance in the car manufacturing and machinery sectors, two pillars of the German economy. The construction sector also experienced a sharp decline, shrinking 3.8% due to rising interest rates and soaring construction costs.

On the other hand, household consumption rose marginally by 0.3% for the year, supported by increased spending on transport and health.

Challenges for Growth

Both structural and cyclical pressures have impeded Germany’s economic growth. Surging competition in key export markets has created challenges for the country’s export-driven economy. Additionally, higher energy costs and geopolitical uncertainties, including trade tensions and conflicts, have exacerbated economic vulnerabilities.

Outlook and Policy Implications

The persistent inflationary pressures and economic stagnation present a complex challenge for policymakers. While inflation remains above the ECB’s target, the broader economic slowdown may necessitate continued monetary and fiscal measures to support growth.

As Germany grapples with structural weaknesses and external risks, economic recovery will likely depend on addressing these challenges while maintaining consumer confidence and industrial competitiveness.

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