Rolling coverage of the latest economic and financial news
In the banking sector, Deutsche Bank AG is planning to cut 3,500 jobs over the coming years, Bloomberg reports this morning.
The cuts are coming as CEO Christian Sewing tries 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 them as it raised its mid-term revenue target and said it will return €1.6bn to investors in the first half of this year, including through a €675m share buyback.
