Deutsche Bank to Cut 3,500 Jobs and Reward Shareholders

FRANKFURT—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 Germany’s biggest bank, seeking to put years of turmoil behind it and focus on steadier retail banking, reported a 30 percent drop in fourth-quarter 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 percent of its global workforce of about 90,000. The jobs affected will be back office roles....