India  

Deutsche Bank to Cut 3,500 Jobs

Video Credit: Wibbitz Top Stories - Duration: 01:30s - Published
Deutsche Bank to Cut 3,500 Jobs

Deutsche Bank to Cut 3,500 Jobs

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."


You Might Like


💡 newsR Knowledge: Other News Mentions

Germany Germany Country in Central Europe

What does the new UK-Germany defence pact mean for Europe? [Video]

What does the new UK-Germany defence pact mean for Europe?

Germany and the UK signed a significant defence treaty last week, but will it be enough to salvage NATO as Europe gears up for a new change of US president this week?

Credit: euronews (in English)    Duration: 02:27Published

Zverev beats Humbert for first Paris Masters title

Germany's Alexander Zverev claims a straight-set win over home favourite Ugo Humbert to clinch his first Paris Masters title.
BBC Sport

Zverev to face Humbert in Paris Masters final

Home favourite Ugo Humbert comes from behind to book a spot against Germany's Alexander Zverev in the final of the Paris Masters.
BBC Sport