The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024.
The announcements, which includes new profit and cost targets for the years ahead, come as the German company tries to move on from allegations that it misled investors over its green credentials.
It has repeatedly denied those allegations and said on Wednesday that it was nearing completion of an internal investigation and working closely with authorities to resolve the matter.
Shares rose 3.1% in early Frankfurt trade.
Later on Wednesday, the new Chief Executive Officer Stefan Hoops will brief investors and analysts on the strategy.
"We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement.
As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%.
That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%.
($1 = 0.9572 euros)
(Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul Carrel)