Deutsche Bank shares fall after reporting third quarter earnings
Deutsche Bank shares fall after reporting third quarter earnings
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The German bank plans to cut 18,000 jobs worldwide by 2022. shares fell more than 8% on Wednesday after the bank reported an 832 million euro ($924 million) third-quarter loss hurt by restructuring costs and weakness in fixed-income trading.
It had reported a net profit of 229 million euros in the third quarter of 2018, but a loss of 3.15 billion euros in the second quarter of this year. Deutsche Bank reported a net loss that missed market expectations on Wednesday as a major restructuring plan continues to weigh on the German lender. Deutsche Bank on Wednesday posted an brexit история 832 million euro ($924.35 million) loss in the third quarter due to costs for a major restructuring. Deutsche Bank on Friday appointed Claudio de Sanctis as global head of its wealth management business. The 992,380 euros in shares that Achleitner bought on Friday exceed his 2018 fixed salary from Deutsche Bank of 858,333 euros.
Out of a planned 18,000 job cuts, Deutsche eliminated 1,500 in the third quarter, though the number of employees in its investment bank rose as an intake of new graduates offset staff cuts in equity trading. Credit Suisse on Wednesday reported a rise in third-quarter earnings buoyed by higher revenue in markets and international wealth management. Standard Chartered's profits rose 16% helped by rising income from corporate and private banking clients. The bank's shares fell nearly 9% late afternoon in Frankfurt and were heading for their biggest daily loss in almost three and a half years. The bank had flagged in July it would make a loss this year and announced restructuring plans worth $7.4 billion including the elimination of 18,000 jobs.
ended 1.9% lower. Deutsche Bank reported a €3.15 billion loss in the second quarter, after taking a €3.4 billion restructuring charge, brexit история which was larger than it previously flagged. Excluding the charge, it would’ve reported a lower-than-expected €231 million loss.
The embattled German lender has struggled since the global financial crisis of 2008 and the subsequent debt crisis in the euro area. The bank has faced billion-dollar fines, increased market competition, a lower market share in both commercial and investment banking, as well as a series of management changes. FRANKFURT (Reuters) - Deutsche Bank Chairman Paul Achleitner on Friday bought nearly 1 million euros (915,717.35 pounds) in the bank's shares, according to a regulatory filing. "One has to look very hard to find anything positive in Deutsche Bank's results this quarter," said Octavio Marenzi, CEO of capital markets management consultancy Opimas. Net revenues in investment banking fell 5% from a year ago.
- shares fell more than 8% on Wednesday after the bank reported an 832 million euro ($924 million) third-quarter loss hurt by restructuring costs and weakness in fixed-income trading.
- Deutsche Bank shares declined Wednesday in an otherwise listless European stock market which paused ahead of a critical European Central Bank decision.
- The bank posted €315 million in costs on "severance and transformation-related charges," which dragged on the bank's third-quarter earnings.
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- Deutsche said at the time it would be cutting its stock sales and trading unit as part of its plan to rid itself of the more volatile divisions.
- Deutsche Bank has now priced 21 ECM transactions since repositioning its equities business.
FIXED INCOME FALLRevenue at Deutsche's cash-cow bond-trading division fell 13%, highlighting continued weakness at its investment bank. The third-quarter loss compares with a 3.15 billion euro loss in the second quarter brexit news and a 229 million euro net profit a year earlier. The bank is aiming to break even in 2020, but analysts are concerned about its ability to generate revenue. Deutsche Bank shares have lost 33% over the last 12 months.
Achleitner bought the shares at 6.844 euros per share, according to the filing. Deutsche Bank supervisory board members receive part of their annual compensation in shares, but Friday's purchase is not part of that. But after a string losses and scandals, Deutsche is going through one of the biggest overhauls to an investment bank since the aftermath of the financial crisis.
Deutsche Bank AG shares are currently trading up about 1.8% on the day. As part of the restructuring plans, the number of full-time employees at Deutsche Bank is to be reduced by around 18,000 to 74,000 worldwide by the end of 2022.
"Bond trading is about all it has left in investment banking," said one analyst. Sales in that unit plunged 13%. The bank posted €315 million in costs on "severance and transformation-related charges," which dragged on the bank's third-quarter earnings. In the US, last week Deutsche Bank acted as an Active https://g-forex.net/daty-kotoryye-povliyayut-na-dvizheniye-gbp/ Bookrunner on Grocery Outlet’s 440 million dollar first time follow on after the June IPO. The bank has also maintained its leading SPAC franchise, pricing IPOs for Oaktree (200 million dollars), Conyers (450 million dollars) and KSL (275 million dollars) since the repositioning of its equities business.
Deutsche Bank shares declined Wednesday in an otherwise listless European stock market which paused ahead of a critical European Central Bank decision. Shortly after presenting the plans for a major restructuring of Germany's largest bank at the beginning of July, CEO Sewing said that he wanted to "set a good example" and announced to "invest a considerable part of my fixed salary over the next few years". Until the end of the share remuneration program, the total stake of Deutsche Bank CEO Sewing would amount to approximately 850,000 euros (932,000 U.S. dollars).
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Also in the past week, Deutsche Bank was joint Glo-Co on the 385 million euro offering of D shares for Akelius Residential Property AB, the first ever issuance of euro denominated D shares, a format combining the benefits of hybrid and common stock. In addition Deutsche Bank was joint Glo-Co on the 345 million US dollar re-IPO for JSE Halyk Bank of Kazakhstan, the largest re-IPO in the CIS region this year. Deutsche Bank has been mandated on 26 new ECM transactions since July, contributing to a solid pipeline of business for the rest of the year.