Finance
Deutsche Bank Plans To Cut 3,500 Jobs And Lift Payouts
- German lender announces new, €675 million share buyback
- Planned cost reductions will result in 3,500 job cuts
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Deutsche Bank AG plans to cut 3,500 jobs over the coming years as Chief Executive Officer Christian Sewing seeks to make good on a pledge to lift profitability and return more money to shareholders.
The reductions, most of them back-office roles, are part of cost savings that the Frankfurt-based bank had previously announced. The lender detailed the cuts on Thursday as it raised its mid-term revenue target and said it will return €1.6 billion to investors in the first half of this year, including through a €675 million share buyback.