Wall Street posts record profits yet expands AI-driven layoffs, reshaping banking, automation, and the global financial workforce in 2026.
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In a surprising move, Deutsche Bank has announced plans to slash 3,500 jobs as part of its ongoing restructuring efforts, even as the financial institution reported a significant profit of $4.5 billion for the last fiscal year. The decision to downsize the workforce comes amidst a challenging environment in the banking industry and is aimed at enhancing efficiency and cutting costs.
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