From Nasdaq, Inc.:

German banking giant Deutsche Bank AG announced a 30% decline in fourth-quarter profit, attributing it to a fall in net revenues to 1.26 billion euros from last year’s 1.80 billion euros. Despite that, the bank’s net revenues increased by 5%, reaching 6.66 billion euros. Deutsche Bank revealed its plans to boost share repurchases and dividends by at least 50% year-on-year in 2024. It has also announced an improved 2023 dividend recommendation of 0.45 euro per share, with capital distributions of 1.6 billion euros in the first half of 2024. The bank also provided updated guidance for a proposed 2025 dividend. To improve operational efficiency, the bank expects to drive the remaining savings of 1.6 billion euros through infrastructure and technology efficiencies. With these measures, the bank intends to cut around 3,500 roles by 2025, mostly in non-client-facing areas, and aims to operate with total costs of around 20 billion euros in 2025.



Read more: Deutsche Bank Q4 Profit Down, Plans EUR 1.6 Bln Capital Distributions; To Cut 3,500 Jobs