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.

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.

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.