Deutsche Bank , to Cut 3,500 Jobs.
Germany's largest bank made
the announcement on Feb. 1.
3,500 job cuts amount to just below 4%
of Deutsche Bank's global workforce.
Back office roles will be most affected.
The bank also said that it will "buy back
shares and pay dividends" in an attempt
to appease investors, Reuters reports. .
The buyback and dividends will amount to
$1.7 billion, taking place during the first half of 2024.
The news follows reports of a 30% drop
in Q4 2023 profits, though they still
surpassed analysts' expectations. .
While the country's financial regulator,
BaFin, cautioned that this year will be less profitable for banks amid a property crisis.
Deutsche Bank's "compounded annual growth rate target for revenues" was increased to between 5.5% and 6.5%, Reuters reports.
Deutsche Bank CEO Christian Sewing has "firm confidence" that 2025 targets can be met but is ready for "a continued bumpy economic ride."