Deutsche Bank ekes out profit, refocuses investment bank
Deutsche Bank ekes out profit, refocuses investment bank
The bank has had a management shake-up too with a new chief executive
27 April, 2018, 00:58
In a letter to employees that was published on the bank's website alongside the announcement, Sewing hinted at upcoming changes to the company, including pulling back from "not sufficiently profitable" areas in its investment banking business. The measures will lead to a "significant reduction" in the roughly 97,100-person workforce this year, it said.
The cuts and weaker-than-expected earnings follow weeks of turmoil at Deutsche Bank, including the ouster of its chief executive, the departure of senior managers and a stream of negative news about its performance.
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Deutsche Bank said reshaping the corporate and investment bank will mean headcount reductions in the affected regions and business areas. "There is no time to lose as the current returns for our shareholders are unacceptable". He didn't provide figures.
Underscoring the problems at the investment bank, the trading revenue in the initial quarter fell by 17 percent from a year earlier, as compared with a 12 percent hike at US rivals. Deutsche Bank said that the drop was less bad if adjusted for a weaker dollar and several one-off effects.
According to Zacks, "On the NYSE, shares of Deutsche Bank have underperformed the industry, over the past six months". The third largest holder is Vanguard Group Inc, which now holds $710.19 million worth of this stock and that ownership represents almost 2.29% of its market capitalization. "But we fear these steps could also have unintended consequences" for the rest of the business and "put even further pressure on both the capital position and earnings" in the short term. Dekabank Deutsche Girozentrale who had been investing in Deutsche Bank Ag for a number of months, seems to be bullish on the $30.12B market cap company.
The bank also aims to scale back operations in bond sales and equities trading, particularly in the United States and Asia, where it was once bullish.
Deutsche Bank will be scaling back operations in bond sales and equities trading, particularly in the U.S. and Asia. In global equities, it wants to reduce leverage exposure to prime finance, focusing on the deepest relationships. "The focus right now is on execution, making sure we move quickly to adjust the businesses to that core perimeter". "What the restructuring is missing is details for now".
The bank said it is pulling back in certain trading and lending activities that don't make enough money to justify costs and risks, especially in the USA and Asia. It joined the ranks of global securities firms with the 1989 purchase of British merchant bank Morgan Grenfell and a decade later purchased Bankers Trust, a NY derivatives house.
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