Deutsche Bank AG reported on Thursday that its fourth-quarter earnings fell 38%.

Earnings fell to 269 million euro from 436 million euro last year. Revenue rose to 5.3 billion euro from 5.2 billion euro. Pretax earnings fell 38% to 418 million euro from 676 million euro.

The bank decided to cut 1,920 jobs in Germany as part of its cost-reduction program. This allows to cut expenses of 1.1 million euros.

The bank also said it plans to raise its dividend to 1.70 euro from 1.50 euro.