Deutsche Bank announced it would cut 3,500 jobs to cut costs. Reuters writes about this with a link to a statement by the bank's CEO Christian Sewing.
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According to the agency, this is equivalent to approximately 4% of the total number of employees company, layoffs will mostly affect back office employees. In total, the bank employs about 90 thousand employees.
This is not the first time Deutsche Bank has cut staff. In the period from 2015 to 2021, the number of staff gradually decreased from 100 thousand people to 83 thousand, but has since again exceeded 90 thousand, writes The Wall Street Journal.
As explained by Sewing, whose words The newspaper reports that a new wave of cuts should be completed by 2025.
At the same time, Sewing said that the bank intends to buy back shares in the amount of 675 million euros, which is 50% more than last year, and pay dividends by 1.2 billion euros.
Thus, this year the bank intends to pay shareholders 0.45 euros per security. Deutsche Bank expects to carry out these operations in the first half of 2024.
The bank also aims to increase dividends in 2025 to 1 euro per share, the report says.