Germany's biggest lender Deutsche Bank has announced plans to slash 3,500 jobs as part of a major cost-cutting drive after its net profit fell in 2023.

The group reported a net profit attributable to shareholders of 4.2 billion euros ($4.5 billion), a 16-percent drop on the year before when profits were boosted by a one-off tax benefit.

Costs related to the company's savings and efficiency programme - first announced in 2019 - also weighed on net profit, with Deutsche spending 566 million euros ($611 million) on restructuring and severance expenses.

Revenues, however, jumped six percent year-on-year to 28.9 billion euros ($31.20 billion) thanks to the European Central Bank's higher interest rates.

Chief executive Christian Sewing in a statement praised the bank's performance in "an uncertain environment" and highlighted that Deutsche had achieved a pre-tax profit of nearly 5.7 billion euros ($6.16 billion), the highest in 16 years.

"Cost discipline remains a high priority," he added in a message to Deutsche staff, as the lender presses ahead with a 2.5-billion-euro ($2.70 billion) efficiency push aimed at improving profitability.

As part of those efforts, Deutsche said it plans to cut arou nd 3,500 jobs over the next two years, "mainly in non-client-facing areas".

The group expects to spend almost 400 million euros ($432 million) on restructuring costs in 2024, including further severance packages, chief financial officer James von Moltke said in a press conference.

The bank employed around 90,000 people globally at the end of last year.