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Deutsche Bank on Thursday said it plans to slash 3,500 jobs after reporting a 30% drop in fourth-quarter profit that included heavy losses in its US real estate holdings.

The layoffs come after the German banking giant hired 300 front-office staffers in the three-month period ended Dec. 31, though the firm’s CEO Christian Sewing said the headcount reduction will primarily impact back-office roles, and are part of a larger turnaround effort, according to The Wall Street Journal.

Let me stress that cost discipline continues to be our top priority, Sewing told reporters, per The Journal, adding that the bank would take more cost-saving measures if need be.

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.

Sewing also announced a share buyback plan and to pay dividends will total $1.7 billion during the first half of the year.

Though its fourth-quarter net profits plunged 30% from the year-ago period, the $1.4 billion that was generated easily beat the $853.45 million analysts expected.

Deutsche said it took $133 million hit for its US-based portfolio, which includes its headquarters on Wall Street, as well as locations in California, Florida and Texas, according to a presentation to investors released alongside earnings obtained by Bloomberg,

The provisions mark a more than 350% increase from the roughly $28.2 million it allotted for losses regarding its portfolio in 2022’s fourth quarter, Bloomberg reported.

Deutsche’s US offices represent about 1.5% of its total lending book, according to the outlet.

The bank, based in Frankfurt, Germany, also said refinancing its real estate loans was the “main risk.”

There’s also the possibility that debts will come due on properties that have fallen in value, requiring borrowers to inject fresh equity to secure new loans, the bank said.

Representatives for Deutsche Bank did not immediately respond to The Post’s request for comment.

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Deutsche isn’t the only firm that faces debts on its real estate: Last month, Bloomberg revealed that asset manager Blackstone defaulted on its $308 million mortgage on a Manhattan office tower more than a year ago and the debt is now up for sale at a discount of more than 50%, citing people familiar with the matter.

Given the discounted loan, sources told the outlet that the building — located at 1740 Broadway — could be eligible for an office-to-residential conversion.

The skyscraper has been losing value since 2014, when the mortgage was originated and the 26-story Art Deco-style tower was appraised at $605 million, according to loan documents reviewed by Bloomberg.

The tower is just one of many empty office buildings scattered across New York City, which is in a so-called urban doom loop caused by an influx of working from home during the pandemic a trend that has stuck despite return-to-office mandates.

The doom loop concept is defined by empty office towers, which destroy quality of life and eventually drive residents out.

In the Big Apple, occupancy has only bounced back to 48.4% since the pandemic.

At the start of 2020, however, office occupancy was a strong 90% before it plummeted to 10% upon the outbreak of COVID-19.

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UK

Two terminally ill adults on opposing sides of the assisted dying debate meet to share their views

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Two terminally ill adults on opposing sides of the assisted dying debate meet to share their views

Philip and Clare are on opposing sides on the issue of assisted dying.

Last year, Sky News filmed them as they watched the country debate whether to change the law to allow it.

Now, the pair meet each other for the first time to let the country watch them debate.

Warning: This article contains descriptions of assisted dying and suicide throughout

The Terminally Ill Adults (End Of Life) Bill

Meet Clare

My name’s Clare and I live on a farm in North Devon. I’ve got two fabulous daughters, Chloe and Izzy. I have stage 4 breast cancer.

I’ve been campaigning for the assisted dying bill [Terminally Ill Adults (End of Life) Bill] to pass through Parliament. I’m looking forward to meeting Philip. I hope it’s not going to be an argument.

Clare, who is in favour of assisted dying

Meet Philip

The name’s Philip, and I’m from the Midlands where I live with my wife Pauline. I was given six months to live last year, I should be dead right now.

I’ve got pancreatic cancer. I’m against assisted dying – or assisted suicide, as I call it. I feel terribly sorry for Clare. I want nobody to be suffering.

Philip, who is against assisted dying

The pair meet in Bristol – halfway between their addresses.

After greeting with a hug, Philip tells Clare his mother died of cancer when he was a young teenager.

Philip and Clare meeting

Philip: She said, ‘God, please either heal me or take me.’ I realised that my mum must have believed and trusted in God. Now I keep saying to the doctor that I pray God will stop the cancer growing.

Clare: I think I’m similar about Mother Earth. Whilst I’m not a Christian, I’ve always had this acceptance and understanding that I’m part of a natural cycle.

I don’t have that need to fight death as much as I’m hearing from you.

Philip: I’m not aware of fighting, because in my terms, it would be a sheer waste of time.

Philip

Clare tells Philip she would like a “good death”.

Clare: In my garden, with my daughters, preferably one of them playing her guitar – it’s my paradise. I would like to have the choice, whether I took it up or not at the last minute, at a time and place of my choosing, when death is close, to be able to take something to hasten my death.

Philip: There could be a cure for what you and I have got, but we just don’t know. You don’t know what miracle is around the corner, and if you commit suicide, you’re robbing yourself of that opportunity.

Philip foreground Clare in focus

Both agree that breaking the news of their diagnoses to their children was the hardest part of cancer. Clare says the disease has turned her liver “20 shades of grey”.

Clare: It’s pretty much gone to all my bones, except for my hands and feet.

Philip: Horrible.

Clare: Then there’s also the treatment. Did you have any Docetaxels?

Philip: I’m very grateful I have refused it all.

Clare: Have you not had any chemotherapy?

Philip: I’ve had nothing.

Philip

Philip warns Clare that if the Terminally Ill Adults Bill is approved, vulnerable people could be pressured into taking their own life. He’d rather leave his death in God’s hands.

Philip: I want to do what God says. So, I’m against assisted dying on those principles of the fact that no matter what safeguards you put in, you’re breaking, what I understand to be God’s plan and purpose.

Clare: When I got my diagnosis, the first thing I said to my consultant was, “well, thank goodness I can take my own life”. I’d been very consistent, and I was on my own in the room, nobody else with me. And I think I’m a sort of bright, intelligent person.

Philip: I didn’t say you weren’t.

Clare: I really understand the power of coercive control, the insidious nature of it.

Philip and Clare

Philip: I feel sorry for the poor suckers who are with you.

Clare: My daughters?

Philip: They’ve got to live with the fact that you died and they let you.

Clare: My daughters are completely supportive of assisted dying.

Clare says dying should be a personal choice.

Clare: It’s not about other people with terminal life-limiting disease or people with disabilities. It’s purely an option for Clare Turner.

Philip: If they alter the law for Clare Turner, they’ve got to alter it for everybody.

Clare: At the moment, over 300 people with terminal illnesses take their own life in pretty miserable situations, quite often alone, every year.

Philip and Clare

Philip: It’s financial. If it’s costing hundreds of thousands to look after you, just think what we could save if we bumped 20 of you off.

Clare: I find that quite offensive, Philip.

Clare

Clare: I guess I’m just not a cynical person.

Philip: I’m not a cynical person. I’m facing reality. I see how it’s been applied in other countries.

Show me Canada and Belgium have never altered their laws with regards to assisted suicide. You can’t. They’ve altered them totally.

Before they say goodbye, Clare gifts Philip honey made by bees that visit her garden.

Philip gives Clare a box of chocolates called Heroes.

“Anybody who is battling with cancer is a hero not to quit,” he says.

Philip and Clare giving gifts

Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK.

In the US, call the Samaritans branch in your area or 1 (800) 273-TALK

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Technology

Sony shares rise about 2% in volatile trading following share buyback announcement

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Sony shares rise about 2% in volatile trading following share buyback announcement

A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025. 

Artur Widak | Nurphoto | Getty Images

Sony Group shares rose about 2% Wednesday in volatile trading after the Japanese conglomerate announced a 250 billion yen ($1.7 billion) share buyback and operating income beat estimates.   

Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates of 192.2 billion yen, though it was down 11% from the same period last year. 

In the earnings report, the Japanese-based electronics, entertainment and finance company announced a stock buyback of shares worth 250 billion yen. 

Sony also provided details on a partial spinoff of its financial unit. The company plans to distribute slightly more than 80% of the shares of common stock of the spinoff to shareholders of Sony Group through dividends. 

The financial unit will list its financial operation this year and will be classified as a discontinued operation in Sony’s accounting from the current quarter, the company added. 

However, Sony’s outlook for the current financial year ending in March was lackluster.

The company forecasted its operating profit to rise a slight 0.3% to 1.28 trillion yen, after flagging a 100 billion yen hit from U.S. President Donald Trump’s trade war.

Yet, Sony clarified that the estimated tariff impact did not reflect the trade deal made between the U.S. and China on May 12 and that the actual impact could vary significantly. 

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Sports

Granlund nets 3 for Stars, but ‘job is not done’

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Granlund nets 3 for Stars, but 'job is not done'

The Dallas Stars3-1 win in Game 4 against the Winnipeg Jets on Tuesday night was a contrast in offensive efficiency. The Jets converted just once on 72 shot attempts. Dallas center Mikael Granlund, meanwhile, needed only three shot attempts in the game to score three goals. His hat trick was all the offense the Stars needed to take a commanding 3-1 series lead, moving one win away from their third straight trip to the Western Conference finals.

“Obviously, the job is not done. We’ve got a lot of work to do. [But] that was a good win,” Granlund said.

It was the first career hat trick for Granlund, a 13-year veteran whom the Stars acquired from the San Jose Sharks in a trade back in February. Three goals on three shots, all of them sailing past Jets goalie Connor Hellebuyck, who remained winless on the road in the 2025 postseason.

Granlund’s first goal came at 8:36 on the power play, as he skated in on three Jets defensemen and fired a snap shot past Hellebuyck from the top of the slot.

“I was just shooting it somewhere and it went in,” Granlund said.

“I got a clean enough look. It was just a damn perfect shot, just above my pad and below my glove,” Hellebuyck lamented.

“Obviously, he probably wants the first one back, the wrister,” Jets coach Scott Arniel said of Hellebuyck. “At the end of the day, we’ve got to get him some run support. Get him a lead.”

Granlund’s second shot and second goal came on a play started by Mikko Rantanen, whose league-leading point total now stands at 19 for the playoffs. His outlet pass found Granlund in the neutral zone, sparking a 2-on-1 with Roope Hintz. Granlund kept the puck and roofed it to give Dallas a 2-1 lead after Nik Ehlers had tied the game for Winnipeg earlier in the second period.

“When you pass all the time, you can surprise the goalie sometimes when you shoot the puck. It’s good to shoot once in a while,” said Granlund, who had twice as many assists (44) as goals (22) in the regular season.

Granlund’s third and final shot attempt of the game was on another Dallas power play in the third period, following a double-minor penalty to defenseman Haydn Fleury for high-sticking Hintz.

Defenseman Miro Heiskanen, in the lineup for the first time since Jan. 28 after missing the last 32 regular-season games and first 10 playoff games because of a knee injury, collected the puck after Matt Duchene rang it off the post. Heiskanen slid it over to Granlund for a one-timer that brought him to his knees on the ice. After the shot beat Hellebuyck at 7:23 of the third period, waves of hats hit the ice in celebration of Granlund’s three-goal night.

It was fitting that Rantanen and Heiskanen had points on Granlund’s hat trick. This was the first game that the Stars’ so-called “Finnish Mafia” played together, as Heiskanen was injured before Granlund and Rantanen joined the team. Those three skaters joined countrymen Hintz and defenseman Esa Lindell in helping Dallas to victory.

“It was fun for sure. Fun to finally be on the ice with them,” Heiskanen said.

Goaltender Jake Oettinger did the rest with 31 saves, many of them on dangerous Winnipeg chances. But in the end, all the Stars needed were three shot attempts, while the Jets’ voluminous offensive night produced only one goal.

“Oettinger made some big stops. But we had 70 shot attempts. We have to get more than one goal,” Arniel said. “If we can’t find more than one goal, we’re not going to win hockey games, especially [against] this team.”

Dallas will attempt to close out the series on Thursday night in Winnipeg.

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