To cut just under 4 of workforce, back office roles affected
Q4 profit drops 30 but beats expectations
Buybacks and dividends to total 1.6 bln euros
Shares rise 4

FRANKFURT, Feb 1 Reuters Deutsche Bank said on Thursday it would cut 3,500 jobs, buy back shares and pay dividends, in its latest pitch to investors that its turnaround remains on track.

The news came as Germany39;s biggest bank, seeking to put years of turmoil behind it and focus on steadier retail banking, reported a 30 drop in fourthquarter profit that still beat analyst expectations.

The bank had already announced plans to cut jobs, but this was the first time it had put a number on the layoffs, equivalent to just under 4 of its global workforce of about 90,000. The jobs affected will be back office roles.

The share buyback and dividends will total 1.6 billion euros 1.7 billion and will take place during the first half of the year. The bank also raised its forecast for revenue growth, and its shares rose 4 in early Frankfurt trade.

The announcements and earnings come at a significant turning point for Deutsche Bank.

Deutsche Bank39;s retail unit overtook the investment bank as the main revenue driver in 2023, overturning the latter39;s pole position over the previous three years as the retail division benefited from higher interest rates and global deals fizzled.

Analysts expect the retail operations to keep up its streak ahead of the investment bank this year and next even as central banks gear…