Deutsche Bank says big-bang restructuring on track

Germany’s biggest lender Deutsche Bank said yesterday a major restructuring under its new chief executive was in full swing, as it confirmed second-quarter profits that beat analysts’ previous expectations, reports AFP from Frankfurt Am Main.

Net profits reached 401 million euros ($468 million) on the back of 6.6 billion euros in revenue, in line with preliminary figures the lender released earlier this month.

Analysts surveyed by data company Factset had earlier forecast profits of around 120 million euros.

But the result was still 14 per cent lower than last year’s second-quarter earnings of 466 million euros.

“We accelerated the reshaping of our bank significantly and proved the resilience of our global business” between April and June, said CEO Christian Sewing, who took over from crisis firefighter John Cryan in April with promises of a far-reaching shakeup.

Deutsche highlighted some 239 million euros in costs for restructuring and employee severance—twice as much as the same quarter last year—as around 1,700 workers left.

 

Deutsche Bank says big-bang restructuring on track

Germanys biggest lender Deutsche Bank said yesterday a major restructuring under its new chief executive was in full swing, as it confirmed second-quarter profits that beat analysts previous expectations, reports AFP from Frankfurt Am Main. Net profits reached 401 million euros ($468 million) on the back of 6.6 billion euros in revenue, in line with preliminary figures the lender released earlier this month. Analysts surveyed by data company Factset had earlier forecast profits of around 120 million euros. But the result was still 14 per cent lower than last years second-quarter earnings of 466 million euros. We accelerated the reshaping of our bank significantly and proved the resilience of our global business between April and June, said CEO Christian Sewing, who took over from crisis firefighter John Cryan in April with promises of a far-reaching shakeup. Deutsche highlighted some 239 million euros in costs for restructuring and employee severancetwice as much as the same quarter last yearas around 1,700 workers left.