"Deutsche Bank Announces 3,500 Job Cuts and Shareholder Rewards"
Deutsche Bank announced plans to cut 3,500 jobs, primarily back office roles, representing just under 4% of its global workforce, while also revealing a 30% drop in fourth-quarter profit that still beat analyst expectations. The bank will buy back shares and pay dividends totaling 1.6 billion euros, with its retail unit overtaking the investment bank as the main revenue driver. Despite challenges such as a troubled integration of its Postbank arm, Deutsche Bank reported a 14th consecutive quarter and fourth consecutive year of profits, and raised its forecast for revenue growth, although it anticipates a more difficult 2024 for banks due to potential interest rate cuts.
