DB - Deutsche Bank To Cut 3500 Jobs In Efficiency Drive Plans Share Buybacks Dividends | Benzinga
In a move to reassure investors of its ongoing recovery, Deutsche Bank AG (NYSE:DB) has announced a series of measures, including job cuts, share buybacks, and dividends.
What Happened: The German lender revealed on Thursday that it would be reducing its workforce by 3,500 employees, primarily in back-office roles, Reuters reported. This represents approximately 4% of its global workforce of around 90,000.
Deutsche Bank declined to comment to Benzinga’s inquiry on the report, although the bank’s earnings report released on Thursday notes “a reduction of approximately 3,500 roles, mainly in non-client-facing areas.”
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Deutsche Bank’s retail division, which has been the primary revenue driver since 2023, is expected to maintain its lead over the investment bank, despite anticipated interest rate cuts by central banks.
Deutsche Bank, which underwent a significant overhaul in 2019, has been ...