Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

Deutsche Bank CEO readies investment bank cuts as stock hits low

Video Credit: Reuters Studio - Duration: 01:33s - Published < > Embed
Deutsche Bank CEO readies investment bank cuts as stock hits low

Deutsche Bank CEO readies investment bank cuts as stock hits low

Deutsche Bank's chief executive told an AGM on Thursday he is prepared to make "tough cutbacks" in its investment banking business, whose future is in doubt after several failed restructurings.

As David Pollard reports, his pledge came as the bank's share price hit a record low.

0
shares
ShareTweetSavePostSend
 

Deutsche Bank CEO readies investment bank cuts as stock hits low

Deutsche Bank was an unwelcome focus on the German stock exchange on Thursday.

Its shares sinking to record lows - in the very moments the bank was trying to reassure shareholders.

The focus for them: an investment division seen as an Achilles heel for Germany's biggest lender.

And which should now brace for change.

(SOUNDBITE) (German) DEUTSCHE BANK CEO, CHRISTIAN SEWING, SAYING: "I can assure you: we're prepared to make tough cutbacks.

We will accelerate transformation by rigourously focusing our bank on profitable and growing businesses." Deutsche last year posted its first profit in four years .... Its investment banking operation accounts for about half of total revenues .... But: a struggling equities division - which has already seen a 25 per cent reduction - is a target for more cutbacks .... Its prime brokerage that serves hedge funds also under scrutiny, according to sources.

Still smarting from failed merger talks with Commerzbank ..... Deutsche's share price is now down 38 per cent since last year's meeting .... There's additional pressure from activists demanding a cleaner image.

(SOUNDBITE) (German) ATTAC SPOKESMAN, ALFRED EIBL, SAYING: "There is not a single financial scandal in Germany where Deutsche Bank is not involved, be it cum-ex, valued added tax fraud or money laundering via Danish banks.

Deutsche Bank is always a part of it." Major cuts to its investment division would reverse a decades-long push to expand.

On average, analysts expect revenues there to fall over 12 billion euros this year - in what would be a fourth consecutive year of decline.




You Might Like


Recent related videos from verified sources

The FBI Is Looking Into Deutsche Bank and Kushners Relationship [Video]The FBI Is Looking Into Deutsche Bank and Kushners Relationship

A criminal probe launched by the federal authorities has been made looking into whether Deutsche Bank failed to properly comply with anti-money laundering regulations. Business Insider reports that..

Credit: Wochit     Duration: 00:44Published

Global Stocks Remain Steady [Video]Global Stocks Remain Steady

According to Reuters, A gauge of global stock markets edged higher on Monday to build on monthly gains and benchmark government bond yields hovered near multi-year lows as investors girded for..

Credit: Wochit Business     Duration: 01:00Published

Deutsche bank will set up 50-billion euro bad bank [Video]Deutsche bank will set up 50-billion euro bad bank

Reuters reports that Deutsche Bank is planning to overhaul its trading operations.

Credit: Rumble     Duration: 00:32Published

Deutsche Bank Will Set Up 50-Billion Euro Bad Bank [Video]Deutsche Bank Will Set Up 50-Billion Euro Bad Bank

Reuters reports that Deutsche Bank is planning to overhaul its trading operations. The bank wants to create a bad bank. A source close to the matter said on Monday that the bad bank will hold tens of..

Credit: Wochit Business     Duration: 00:32Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.