Deutsche Bank delivered bad news on spending, and investors weren’t happy. Deutsche Bank on Thursday said it’s now targeting a cost-to-income ratio of below 65% this year, versus a previous target of below 62.5%, after a cost-to-income ratio of 76% in 2024.

Deutsche Bank on Thursday posted a bigger-than-expected drop in fourth quarter and 2024 full-year profit as legal provisions and restructuring costs eroded revenue gains at its global investment banking division.

Germany’s largest lender by total assets will buy back shares and reported a worse-than-expected drop in profit due to well-flagged higher costs.