Deutsche Bank Posts 3Q Loss as Restructuring Bites

Date : 10/30/2019 @ 6:44AM
Source : Dow Jones News
Stock : Deutsche Bank AG (DBK)
Quote : 6.54  0.0 (0.00%) @ 12:00AM

Deutsche Bank Posts 3Q Loss as Restructuring Bites

Deutsche Bank (XE:DBK)
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2 Months : From Oct 2019 to Dec 2019

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   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)

Copyright (c) 2019 Dow Jones & Company, Inc.


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