Deutsche Bank Swung to 2Q Loss on Restructuring Costs

   By Pietro Lombardi

Deutsche Bank AG (DBK.XE) said Wednesday that it swung to a second-quarter loss as the costs of the recently-announced restructuring weighed on results.

Net loss before minorities was 3.15 billion euros ($3.52 billion) for the quarter compared with a profit of EUR401 million a year earlier. The loss attributable to shareholders was EUR3.19 billion, it said.

The German bank had released preliminary results earlier in July, when it outlined a deep overhaul which includes exiting its global-equities sales and trading business and cutting 18,000 jobs.

The bank took a EUR3.4 billion charge in the quarter in connection with the restructuring.

Revenue declined 6% to EUR6.20 billion, with corporate and investment bank revenue was down 18% on year

"We have already taken significant steps to implement our strategy to transform Deutsche Bank," Chief Executive Christian Sewing said.

The German bank expects revenue for the year to fall compared with last year. "This decline is mainly due to our decision to exit substantially all of our equities sales and trading business," it said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

July 24, 2019 01:39 ET (05:39 GMT)

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