Deutsche Bank Profit Plunges
July 27 2016 - 02:20AM
Dow Jones News
Deutsche Bank AG said Wednesday that its second-quarter net
income fell 98% to €20 million ($21.99 million).
The German lender said second-quarter net revenue was €7.4
billion, a 20% decline from the same period a year earlier.
Deutsche Bank's shares have fallen 43% this year, compared with
the 27% decline of the Stoxx Europe 600 banks index. Investors have
sold European bank shares since the U.K. voted June 23 to leave the
European Union.
Deutsche Bank has been hit harder than most. The Frankfurt-based
bank is cutting costs and clients and trying to satisfy new,
more-stringent capital requirements over the next three years. Its
turnaround strategy has eaten into trading and investment-banking
revenue, and investors' concerns about the adequacy of its capital
cushion have persisted.
The bank also has been trying to settle regulatory
investigations expected to result in big fines, another uncertainty
for investors.
In July 2015, John Cryan, a former banker and finance chief of
UBS Group AG, took over as co-chief executive of Deutsche Bank,
replacing Jü rgen Fitschen and Anshu Jain. Mr. Fitschen stayed on
as co-CEO until May and remains an adviser. Mr. Jain left last
year. Mr. Cryan is now sole CEO.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
July 27, 2016 02:05 ET (06:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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