Deutsche Bank 1Q Net Income Fell 79%

   By Jenny Strasburg

Deutsche Bank AG (DBK.XE) said Thursday that net income in the first quarter declined 79% to 120 million euros ($146.3 million), the latest sign of struggle at the German lender, which this month replaced its CEO and reshuffled several other top executives.

The lender said it will adjust its strategy, pulling back in certain trading and lending activities that don't make enough money, especially in the U.S.

Investors have been calling for such moves amid signs that Deutsche Bank's strategy was failing. The actions reflect pressures on the lender to scale back its global ambitions and cut costs after years of losing market share to stronger banking rivals.

The bank's company-wide revenue declined 5% to EUR7 billion in the quarter. Revenue in the investment bank declined 13%, to EUR3.8 billion. All of the bank's major divisions saw revenue declines.

Write to Jenny Strasburg at jenny.strasburg@wsj.com

(END) Dow Jones Newswires

April 26, 2018 01:58 ET (05:58 GMT)

Deutsche Bank Aktiengese... (NYSE:DB)
Historical Stock Chart
From Mar 2024 to Apr 2024