Deutsche Bank Posts 3Q Loss as Restructuring Bites
October 30 2019 - 2:44AM
Dow Jones News
By Pietro Lombardi
Deutsche Bank AG (DBK.XE) on Wednesday reported its second
consecutive quarterly loss as it continues to execute a deep
restructuring.
After-tax loss for the period was 832 million euros ($923.4
million) compared with a profit of EUR229 million a year earlier.
The loss attributable to shareholders was EUR942 million.
Revenue fell 15% to EUR5.26 billion.
The results follow the EUR3.15 billion loss the bank posted for
the second quarter.
Analysts had expected the bank to close the third quarter with a
loss of roughly EUR772 million, while revenue was seen at EUR5.53
billion, according to a consensus forecast provided by FactSet.
The German bank said it "has made significant progress with its
restructuring in line with key targets" announced in July, when it
presented a deep overhaul which includes exiting its
global-equities sales and trading business, as well as cutting
18,000 jobs.
"Despite having launched the most comprehensive restructuring of
our bank in two decades, we delivered profits in our four core
businesses during the quarter and grew loans and assets under
management," Chief Executive Christian Sewing said.
The company's headcount has fallen below 90,000 for the first
time since the acquisition of Postbank, it said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
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(END) Dow Jones Newswires
October 30, 2019 02:29 ET (06:29 GMT)
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