Frankfurt, Germany–Deutsche Bank said on Thursday it would cut 3,500 jobs, buy back shares and pay dividends, in its latest pitch to investors that its turnaround remains on track.
The news came as Germany’s biggest bank, seeking to put years of turmoil behind it and focus on steadier retail banking, reported a 30% drop in fourth-quarter profit that still beat analyst expectations.
The bank had already announced plans to cut jobs, but this was the first time it had put a number on the layoffs, equivalent to just under 4% of its global workforce of about 90,000.
The jobs affected will be back office roles, a media outlet reported.
The share buyback and dividends will cost total 1.6 billion euros ($1.7 billion) and will take place during the first half of the year. The bank also raised its forecast for revenue growth, and its shares rose 4% in early Frankfurt trade
