In the summer quarter, the profit of Germany’s largest money house has shrunk. On the year, Deutsche Bank-head Sewing, the Bank is targeting a profit for the first Time in 2014. The shares fell nonetheless.
“We are well on the way to complete the total year 2018, with a profit – for the first Time in 2014.” Since April of this year, acting group chief Executive, Christian Sewing is combative, and optimistic, and expressed for the first Time, specifically to the profit Outlook in the current year.
In the third quarter, the profit was better than expected: After taxes, the money generated EUR 229 million. The Bank published analysts ‘ forecasts had an average of 153 million euros.
The splits between removal and growth
In comparison to the previous year, the profit was, however, much smaller. The lag in 2017, between the beginning of July and end of September at 649 million euros, after taxes. Revenues decreased by nine percent to 6.2 billion euros, the adjusted cost fell by one percent to 5.5 billion.
Since April in the new-in-chief: Christian Sewing
Sewing spoke of a “milestone”. “We have the costs under control and have the capital to be able to re-grow.” The Bank is struggling with the balancing act to keep the business with the fall in the number of jobs or expand. The reduction of the course according to Plan. At the end of the third quarter, there were global nor 94.717 full-time – the equivalent of since the beginning of the year a Minus of around 2800. Up to the end of the year the number is expected to fall below 93.000 – the end of 2019 even under 90.000.
The shareholders, these Figures are but cold. So the title of the German Bank fell to start trading about three percent.
Attack in the investment business?
The conversion of the corporate and investment Bank, at the cost of the largest German money house last income, had now been largely completed, wrote Sewing in a letter to the staff of his Institute. “We are now in a Position where we can attack again.” The order books, for example in the Finance business or in advising companies on IPOs to be filled “well.”
The Bank was able to in the Advisory and underwriting business in the third quarter achieved a number of Successes: she had measured to the fee revenue, among others, a leading role in six of the ten largest transactions. “In this respect, the quarter was the most successful of the past five years.” In the case of IPOs in Europe, Frankfurt is also the global coordinator of the market leaders in the previous year, and organized four of the five largest transactions. In Germany, where she is in the current year in the financing of companies, the number One, was the Institute in the case of the three largest IPOs to be one of the leading underwriters.
Whether it is enough under the dash at Germany’s largest money house for the first profit since 2014, will show. In the past year, Deutsche Bank headed a profit – then the cost from the rudder, however, were in the final quarter of the run. Both in 2017, as well as in the years previously impacted high court costs and penalties because of financial manipulation by Deutsche Bank.
nm/hb (dpa, rtr, Deutsche Bank)