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Deutsche Bank shares plummet as second quarter loss is its worst since 2015

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  • Economy
  • 4 months ago
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German lender Deutsche Bank has posted its biggest quarterly loss within the last 4 years, a net loss of €3.1 billion which is almost half of the expected €7.4 billion it was expected to book following its restructure program.

The investment bank took a €907million pre-tax loss after revenues fell 18% prompting Chief executive Christian Sewing to announce that 18,000 jobs will be cut and its balance sheet slashed.

 “This decline is mainly due to our decision to exit substantially all of our equities sales and trading business.”

“Excluding transformation charges, the bank would be profitable and in our more stable businesses revenues were flat or growing.”

Although the loss was something most had forecasted Deutsche Bank’s shares fell over 5% at €6.77 which is very close to its lowest point in history.

 

 

Source: Smart Trend Team