Deutsche Bank said on Wednesday that it posted a loss of 3.15 billion euros (US$3.51 billion) in the second quarter as a result of costs for a ...
FRANKFURT: Deutsche Bank on Wednesday said the German company posted a larger-than-expected loss of 3.15 billion euros in the second quarter due to major restructuring costs.
Earlier this month, Deutsche Bank had flagged it would lose around 2.8 billion euros in the quarter when it announced that the lender's restructuring plan will see 18,000 jobs go and cost 7.4 billion euros.The second-quarter loss compared with a profit of 401 million euros a year earlier. The bank had already taken significant steps to implement its strategy, Chief Executive Officer Christian Sewing said.Revenue at Deutsche's cash-cow bond-trading division dropped 4per cent in the quarter, while equities sales and trading revenue dived 32per cent, underscoring continued weakness at the German lender's investment bank.
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