Deutsche Bank shares fall after reporting third quarter earnings

Deutsche Bank shares fall after reporting third quarter earnings

According to a mandatory announcement, 15 percent of Sewing’s net executive remuneration will be invested in Deutsche Bank shares on a monthly basis from September until the end of December 2022. The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.

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.

The private bank business also saw a 3% fall in net revenues and net revenues in asset management also decreased by 4% from a year ago. “Our results in the quarter are entirely in line with our plans. We are executing, I think, well against the strategic changes we announced in the brexit summer,” James von Moltke, chief financial officer at Deutsche Bank, told CNBC’s Annette Weisbach. It reported a net loss of 832 million euros ($924 million) for the third quarter of 2019. Analysts were expecting a loss of 778 million euros, according to data from Refinitiv.

Higher costs

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 https://g-forex.net/31-oktebria-brexit/ 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’s investment business in London and New York were already hit by heavy staff cuts and German media reported that Deutsche Bank’s austerity measures could also lead to a reduction of the bank’s branch network in Germany. Deutsche is closing its global share-trading business and significantly cutting back investment banking operations, saying that the restructuring will cost €7.4bn.

Earlier this year, Deutsche Bank announced a wide restructuring plan in an attempt to revive its business. Deutsche Bank’s asset management arm DWS said on Friday it now sees a 45% chance that Britain will not leave the European Union at all, as the prospects of a UK snap election, a second referendum or even revoking Brexit altogether have climbed this month. Deutsche Bank’s DWS asset management subsidiary is doing away with most titles as of next year, according to an internal memo on Tuesday. Chairman Paul Achleitner on Friday bought nearly a 1 million euros (£915,717.35) in the bank’s shares, according to a filing. Deutsche shares were down 1.2% at 1259 GMT, trading at 7.009 euros per share.

• The bank posted €315 million in costs on “severance and transformation-related charges,” which dragged on the bank’s third-quarter earnings.
• Deutsche Bank supervisory board members receive part of their annual compensation in shares, but Friday’s purchase is not part of that.
• 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”.
• 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 | Common Shares Outstanding

Your organisation’s administrator(s) may view basic usage and profile data about your account and have the ability to set up myFT topic follows on your behalf. You already brexit news have an account on ft.com using this email address. Please login to your account. In July, the bank said it will axe 18,000 jobs as part of a major restructuring.

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 brexit news 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.

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.

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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 брексит события 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.