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